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Oaktree Capital Claims Charlotte Asset for $134M
Los Angeles-based Oaktree Capital Group acquired 400 South Tryon in Charlotte, NC from a joint venture between DRA Advisors LLC and Trinity Capital Advisors for $133.5 million. The 33-story, 587,081-square-foot office tower and four-level parking garage is located in the heart of Uptown Charlotte.
DRA Advisors David Luski says, “400 South Tryon proved to be a great example of value-add creation, whereby we successfully leased up vacancy with multiple tenants while substantially increasing market rents.”
The DRA and Trinity JV purchased the asset in 2014 for $61.3 million. The owners invested significant capital improving aesthetics of the lobby, elevators, common corridors, retail area and the creation of a new fitness facility. The venture also redeveloped 7,500 square feet of vacant ground-floor space on Church Street into three restaurants, Rhino Market & Deli, B. Good, and JJ’s Red Hots.
CBRE’s Patrick Gildea represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
