KHP Capital Partners Buys Historic Office Property In Charlotte For $19.3M
212 South Tryon Street
$19,300,000
$112/SF
Building Size
172,300 SF
Asset Type
Office
Closing
May 17, 2024
AI
The Johnston Building, a historic 17-story office property located at 212 South Tryon Street in Charlotte, NC, was sold for $19.3 million. The buyer, KHP Capital Partners, acquired the property from the seller, Spaulding & Sly Investments. The property spans 172,300 square feet, amounting to a price per square foot of $112. Spaulding & Sly Investments previously purchased the building for $35.3 million in 2019, and its 2023 appraisal valued it at $45.4 million.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $19,300,000
- Market: Charlotte, NC
- Buyer: KHP Capital Partners
- Seller: Spaulding & Sly Investments
- Brokers: Matt Smith, Patrick Gildea & Robert Hardaway - CBRE
The involvement of Matt Smith, Patrick Gildea, and Robert Hardaway from CBRE as the brokers for this transaction showcases the expertise brought in by these professionals in facilitating the deal between KHP Capital Partners and Spaulding & Sly Investments. This deal highlights the strategic decisions made by key individuals and companies in the real estate market of Charlotte, NC.
Players
Charlotte Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93