A Boston-based real estate company paid $24.5 million to purchase an office building uptown, real estate records show.
As the Observer reported last week, The Fallon Company bought the 13-story building at 301 McDowell Street – known as the Cameron Brown Building – in a deal that closed in early July. The Fallon Company plans to use the 184,144 square-foot building for its Southeast regional headquarters.
The terms of the deal weren’t disclosed, but Mecklenburg County real estate records now show the sale price.
The building was constructed in 1972. In 2012, a group of investors acquired the building in a foreclosure sale for $15.5 million.
The Fallon Coompany is also planning to redevelop the 16-acre Strawn Cottages site on South Boulevard, owned by the Charlotte Housing authority.
“Given Charlotte’s strong economic forecast, commercial and residential urban remigration, and central regional location, we plan to continue making significant investments in this market,” said Michael Fallon, chief investment officer of The Fallon Company, in a statement.