Bank of America Corp. has sold the Wake Forest University Charlotte Center building for $72.5 million, tax records show.
The property was sold in two transactions to affiliates of The Shidler Group, a Honolulu-based real estate investment company.
The land at 200 N. College St. was sold for $12.5 million to Terra Funding Trust, a Shidler affiliate that focuses on acquisitions along the East Coast. The trust specializes in buying parcels of land that have multi-tenant commercial buildings with long-term ground leases.
The five-story building at North College and East Fifth streets was sold for $60 million to Alliance HSP Ventures LLC, as identified in tax records.
Alliance Partners HSP is the East Coast operating arm of The Shidler Group.
Formerly known as the International Trade Center, Wake Forest Charlotte Center was built in 1989 and is roughly 460,000 square feet.
Originally, the building was known as the Charlotte Apparel Mart, occupied by wholesale apparel tenants. In 1996, as the apparel industry had declined, the building changed its name and function.
Wake Forest operates out of the first floor and Bank of America leases space throughout the building.
Bank of America did not respond immediately to a request for comment.
Sources familiar with the deal say Bank of America signed a 10-year lease for more than 408,000 square feet that expires in 2023, with options to extend the term. The two affiliates that bought the property also signed a 99-year ground lease.
Charlottes Center City has seen a surge in office property sales during the past year.
In 2012, the uptown office market boasted a record sales volume of more than $550 million, beating the previous high from 2007, when roughly $500 million in uptown properties changed hands.
The sales activity reflects growing optimism in Charlottes economic prospects, increased competition for properties in larger cities and a belief that Charlottes commercial real estate market has bottomed out, experts say.
Last month, the Metropolitan, a mixed-used project near uptown along the Little Sugar Creek Greenway, sold for about $94.5 million to institutional investors.
One Wells Fargo Center, former headquarters for Wachovia Corp., is rumored to be under contract and a sale is expected to close in April.
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