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Buchanan Street Partners Invests $19M in MXD

CHARLOTTE, NC-The office and retail property, with an $80-million development cost, is part of Novare Group Holdings master-planned development in the central business district.

By Melissa Kress | Updated on January 23, 2008

CHARLOTTE, NC-Buchanan Street Partners has committed $18.7 million to a 363,000-sf class A office and retail property rising in the central business district. All total, the 15-story property will include 356,000 sf of office and 7,000 sf of ground-floor retail.The property is slated for completion in 2009.

“The Charlotte central business district is one of the strongest office markets in the country,” Steve McCarthy, managing director of Buchanan Street Partners’ Atlanta office, says in a statement. “The low vacancy rate–less than 2%–coupled with a projected rental growth rate of almost 7% through 2008 make for a solid investment environment.”

The asset, 440 South Church St., will be one of five new office buildings to be delivered in Downtown. It will be leased and managed by Trinity Partners, an affiliate of Trinity Capital.

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