Good Time to Sell
Investor interest in Charlotte's going to remain strong, HFF senior managing director Barry Brown tells us, because it's one of the fastest-growing regions in the country. That also means that now's a good time to sell properties repositioned from distressed states. Recently Barry and colleagues Jim Batjer and Richard Reid repped the sellers of the 305k SF EpiCentre complex in Uptown (snapped during the DNC, which looks a lot like Mardi Gras from this angle), Vision Ventures and Mount Vernon Asset Management, who did exactly that. They bought the building, which only dates from 2008, out of bankruptcy and stabilized the rent roll to 94% and implemented a highly successful outdoor media program, Barry says. LA-based CIM Group bought it for $130M.
