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Griffin Partners Acquires Office Building In Charlotte, NC For $50.9M

Property Image
SOLD
$50,900,000

North Carolina

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Office179,242 SF
Sold 10/05/2022
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Property Image
SOLD

Griffin Partners Acquires Office Building In Charlotte, NC For $50.9M

1901 Roxborough Road, Charlotte, North Carolina 28211, United States

See Similar Deals
Office179,242 SF
Sold 10/05/2022
Contact now

Summary

NORTH CAROLINA
Asset Type:Office
Price Per Square Foot:$284
Total Square Footage:179,242 SF
Transaction Type:Sale

The office property located at 1901 Roxborough Road and 6525 Carnegie Blvd in Charlotte, NC has been sold. The transaction involved the buyer, Griffin Partners, and the sellers, Intercontinental Real Estate Corp. and Spectrum Cos. The deal was facilitated by brokers Ryan Clutter and Daniel Flynn from JLL. The property spans a total area of 179,242 square feet, with a sale price of $50,900,000. This equates to a price per square foot of $284.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $50,900,000
  • Address: 1901 Roxborough Road & 6525 Carnegie Blvd, Charlotte, NC
  • Market: Charlotte, NC
  • Buyer: Griffin Partners
  • Seller: Intercontinental Real Estate Corp. & Spectrum Cos
  • Brokers: Ryan Clutter & Daniel Flynn - JLL
  • Square Footage: 179,242
  • Price per Square Foot: $284

The successful transaction was made possible through the collaborative efforts of all parties involved. Ryan Clutter and Daniel Flynn from JLL played a crucial role as brokers in facilitating the deal between the buyer and the sellers.

Players

Ryan Clutter
8 deals$763.5M volume
BROKER

Daniel Flynn
JLL
3 deals$131.7M volume
BROKER

Griffin Partners
BUYER


Details

SOLD
IMAGE: Ryan Clutter & Daniel Flynn DATE: 10/06/2022 ADDRESS: 1901 Roxborough Road & 6525 Carnegie Blvd MARKET: Charlotte, NC ASSET TYPE: Office BUYER: Griffin Partners SELLER: Intercontinental Real Estate Corp. & Spectrum Cos BROKERS: Ryan Clutter & Daniel Flynn - JLL SALE PRICE: $50,900,000 SF: 179,242 ~ PPSF: $284

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,714,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$180,836.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$241,291.97
Annual Debt Service$2,895,503.62