Thursday, March 22, 2012

Charlotte's Tranquil Court sold to NY investor

Tranquil Court in Charlotte has been bought by a New York investor, illustrating how national companies are becoming more active in the Queen City, say brokers involved in the deal.

A multi-tenant office and retail building, Tranquil Court was bought March 21 by a group associated with LRC Opportunity Fund, a real estate firm based in the New York metro area that has offices in Winston-Salem and Charlotte.

"We are seeing a tremendous amount of capital chasing core, stabilized assets in strong secondary and tertiary markets as investors seek stronger yields than those offered in the priamry markets," said Patrick Gildea with CBRE. "The Tranquil Court sale is one example of a number of recent transactions that prove Charlotte has returned to the radar of investors on a national scale."

The property, located along Selwyn Avenue in Myers Park, was completed in 2010, has 61,918 square feet and is fully leased.

Gildea and Ryan Clutter, both with CBRE's Carolinas Investment Properties Group, represented the seller, Gulfstream Capital Partners, LLC. The sales price was not disclosed.

LRC Opportunity Fund concentrates in acquiring properties and purchasing loans secured against real estate in solid or improving markets on the East Coast.