Thursday, December 13, 2012

E. Morehead St. building sells for $5.25 million

An entity sponsored by Beacon Partners of Charlotte has closed on its purchase of 500 East Morehead St.

The group paid $5.25 million for the 43,000 square-foot office building on 2.4 acres.

The three-story building was built in two phases, one in 1960 and one in 1963, and sits adjacent to the Dowd YMCA. The YMCA is the anchor tenant of the property, which had 25 tenants and was 95 percent occupied at the time of the sale, according to a press release.

SYNCO and its investing properties bought the property in 1982 for $1.3 million. Beacon plans to continue to lease and manage the property and serve existing and new tenants, the release says.

Activity has increased along East Morehead Street. The Duke Endowment, for example, is building its new headquarters on the street.

Tim Hose, President/CEO of SYNCO Properties, Inc. handled negotiations for the seller.  Mike

Harrell, office principal of Beacon Partners, led the Beacon buyer team.