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Michigan Firm Makes Second Charlotte Buy

CHARLOTTE, NC-MayfieldGentry Realty Advisors acquires a 210,246-sf office property on South Tryon Street nine months after acquiring 238,000 sf across the street.

By Melissa Kress | Updated on April 20, 2007

CHARLOTTE, NC-Continuing its March through the metro area, MayfieldGentry Realty Advisors has bought 200 South Tryon St. nine months after purchasing nearby 201 & 237 South Tryon St. The latest addition to the Detroit-based company’s portfolio totals 210,246 sf.

MayfieldGentry did not release any transaction figures; however, an industry source tells GlobeSt.com the acquisition price was $38 million. An affiliate of Stamford, CT-based GE Asset Management, 200 South Tryon Street LLC, was the seller of the 17-story, class A office building Downtown.

200 South Tryon St. was built in 1962, and renovated in 2000 and 2001. The building is 94% leased with tenants including Wachovia Corp., ColeJenest & Stone, Flores & Associates and McCormick & Schmicks. “This is a terrific property in a very strong location which offers a strong income stream as well as the ability for us to add some real value through the hold period of the asset,” Chauncey Mayfield, president and CEO of MayfieldGentry Realty Advisors, says in a statement.MayfieldGentry, which made its latest acquisition on behalf of an institutional client, will handle asset management duties. Locally based Spectrum Properties will provide property management services.

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