Dornin Investment Group Secures 10-Year Lease With Government Services Administration In Charlotte NC
128 South Tryon Street
$38
$38/SF
Building Size
34,531 SF
Asset Type
Office
Closing
Nov 14, 2024
AI
The asset involved in this transaction is an office property located at 128 South Tryon Street in Charlotte, NC. The property encompasses a total square footage of 34,531 and is leased at a rate of $38 per square foot under a modified gross lease agreement. The Landlord is Dornin Investment Group, represented by the brokerage firm CBRE.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 128 South Tryon Street, Charlotte, NC
- Landlord: Chris Dornin - Dornin Investment Group
- Tenant: Government Services Administration (GSA)
- Landlord's Representatives: Marcy Owens Test, Matt Goubeaux & Kris Westmoreland - CBRE
- Lease Type: Modified Gross Lease
- Lease Term: 10 years
This lease transaction involved Chris Dornin as the landlord, with the Government Services Administration as the tenant. The leasing process was facilitated by Marcy Owens Test and Matt Goubeaux from the CBRE Federal Lessor Advisory Group, alongside local broker Kris Westmoreland, all representing Dornin Investment Group in this deal.
Players
Charlotte Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
417447.37%
Cash-on-Cash
-119307.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93