Development

This uptown building leased by Bank of America was just sold for $40 million

Timelapses show 50 years of development, change in Charlotte

A time lapse tour of Charlotte locations.
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A time lapse tour of Charlotte locations.

A 10-story building occupied primarily by Bank of America was purchased for $40 million, commercial real estate services firm CBRE announced Wednesday.

The building, at 901 West Trade St. beside Johnson & Wales University, was purchased by Hamilton EQ, which is affiliated with New York-based Hamilton Equity Partners. Close to 80 percent of the building is leased by Bank of America.

The building is home to some of the bank’s support staff, a spokeswoman said.

Property records show the building, known as the Gateway Center, was last purchased by Chicago-based real estate investment company GEM Realty Capital in 2016 for around $28 million.

The Gateway Center is along the planned Gold Line streetcar expansion, expected to be completed in 2020. CBRE said that more than 1 million square feet in new development is anticipated due to the expansion.

Nearby, developer Northwood Ravin is building an apartment tower at the corner of Graham and West Trade Streets, on the site of the Polk Building, which is being torn down.

The Gateway Station is also underway, a project that would cost $110 million, the Observer reported last year, and will bring intercity rail service to uptown.

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Danielle Chemtob covers economic growth and development for the Observer. She’s a 2018 graduate of the journalism school at UNC-Chapel Hill and a California transplant.
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