Development

Uptown's Gateway Center building is sold for $30.5 million

Gateway Center
Gateway Center

An uptown office building has been sold for $30.5 million, real estate brokers said Friday.

Gateway Center is a 10-story, 310,745 square-foot building at 901 West Trade Street. Tenants include Bank of America and Johnson & Wales University, and the property is 90 percent leased. A 1.6-acre parcel that’s currently used for surface parking nearby was also included in the sale.

The Charlotte office of HFF represented the seller, KBS Real Estate Investment Trust. The buyer was Chicago-based GEM Realty Capital, according to a real estate industry source.

“We received tremendous interest in the Gateway Center offering further demonstrating the appeal and national attention Charlotte and the Carolinas are receiving from institutional investors,” said Charlotte-based HFF senior managing director Ryan Clutter. “Well-located, urban assets that offer notable upside potential for investors are currently in high demand and we believe this pattern is poised to continue for the foreseeable future.”

The area is seeing more growth nearby at Fifth Street and Irwin Avenue, where Raleigh-based Dominion Realty Partners is building a 297-unit apartment complex.

Ely Portillo: 704-358-5041, @ESPortillo

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