Charlotte, North Carolina – Our NNN Commercial Real Estate news involves a partnership in a major Office Building purchase. Trinity Capital and Rubenstein Partners have jumped into a (JV) joint venture on the NASCAR Plaza office tower. The NASCAR Plaza had recently run into problems defaulting on a commercial loan. The Commercial Property office tower had struggled to attract tenants to lease since it opened last spring. The NASCAR Plaza has remained at or around 60% vacant.
Construction in Florida with LEED Certification
NASCAR Plaza had received the LEED Certification just a few months back. The Commercial Property, NASCAR Plaza, is a 390,000 square-feet, office tower. This commercial real estate property is a 20-story Office Tower located in downtown Charlotte. This NASCAR Plaza office tower is integrated with the NASCAR Hall of Fame and adjacent to the Charlotte Convention Center. NASCAR is the largest anchor tenant in the NASCAR Plaza. NASCAR has leased 118,000 square feet of commercial office space. The second largest Tenant with a net-lease is the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation (FDIC) net-leases approximately 16,000 square-feet.
Florida Commercial Real Estate Properties
The NASCAR Plaza is now considered one of the most environmentally-responsible office towers in the Southeast. One would have thought the Commercial Office would soar while paying down their commercial loan. However, that did not happen. These “GREEN” commendations are granted to commercial real estate properties that are designed to improve sustainability in areas such as energy savings, water efficiency, CO2 emissions reduction, and indoor environmental quality.
The “Green” features for this Commercial Property are as follows:
• Recycled Materials – One-third of the Commercial Property was constructed from recycled materials
• Water Efficiency – The Commercial Property uses 30% less water than a conventional building
• Energy Savings- 35% of the building’s electricity usage is provided by renewable resources
• Efficient Construction -More than 75% of construction waste was diverted from landfills during the
building’s construction
• Low-Emitting Materials – The Commercial Property is equipped with energy efficient air conditioning systems that don’t use certain chemicals
Investments for a REIT and Private Investors
The state-of-the-art Commercial Real Estate office tower was created by world renowned Pei Cobb Freed & Partners. Pei Cobb Freed & Partners are famous for more than 200 world renowned commercial real estate projects such as the expanded Louvre in Paris, the Rock and Roll Hall of Fame in Cleveland, the John Hancock Tower in Boston and the U.S. Holocaust Memorial Museum in Washington, D.C. The Investment Property, the John Hancock Tower, was aptly named Hancock Place and colloquially known as The Hancock. This Commercial Property Investment is a 60-story, 790-foot skyscraper in Boston. The Office tower is the tallest in the city of Boston. In 1977, the American Institute of Architects presented Pei Cobb Freed & Partners with a National Honor Award for the building. It had been the tallest building in Boston for over 30 years, and is the tallest building in New England.
The John Hancock Tower has the street address of 200 Clarendon Street. It is commonly referred to as both “Hancock Place” and “200 Clarendon Street” as mailing addresses for offices in the building. John Hancock Insurance Company was originally the main anchor tenant leasing at this property. However, the insurance company announced in 2004 that some of their staff would relocate to a new building at 601 Congress Street, in Boston’s Back Bay.
The tower’s new commercial real estate owners expect to be very aggressive with net lease rates. Trinity and partner Rubenstein Partners purchased this commercial real estate which is situated at South Caldwell and East Stonewall streets. These Commercial Real Estate Investors bought the building through a limited liability company called 550 South Caldwell Acquisitions. This new limited liability company is named for its NASCAR Plaza address. Rubenstein Partners also own commercial properties in Atlanta and Tampa Bay, Florida. These Commercial Real Estate Investors raised a $475 million fund in 2006 for the purchase of commercial office properties along the East Coast.
Wells Fargo & Co. had recently stopped foreclosing on the NASCAR Plaza office tower uptown. Wells Fargo probably had the inclination that a commercial real estate transaction was in progress. The Commercial Mortgage lender started foreclosure proceedings in November after being sued by its co-lender, Regions Bank. The other Commercial Mortgage Lender, Regions Bank had claimed Wells Fargo “failed and refused to take timely action to collect” on the commercial loan after the tower’s developers stopped paying on the commercial loan. The previous Owners apparently had stopped paying on the commercial loan as far back as December in 2009.
Triple Net Lease Properties and Florida Commercial Real Estate Investments are available for acquisition. Also for commercial real estate investors in a 1031 exchange, can contact us for Acquisitions and Dispositions.
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