Trinity Capital group taking over at NASCAR Plaza tower

Posted on January 7, 2011 by - Charlotte, In the News, Office

January 7th, 2011
Charlotte Business Journal

Charlotte-based Trinity Capital has teamed with a Philadelphia real estate investment firm to buy the NASCAR Plaza office tower, which had fallen into foreclosure after a loan default by its previous owner. Trinity and partner Rubenstein Partners have purchased the 19-story, 390,000-square-foot building at South Caldwell and East Stonewall streets…

The office vacancy rate uptown stood at 12.6% at the end of the third quarter, according to Karnes Research Co. That’s up from 2.3% two years earlier. The average rental rate was $25.79 per square foot, down from $27.78 two years earlier. NASCAR Plaza’s quoted rental rate has been around $27. Karnes Managing Director Andrew Jenkins says the NASCAR brand could still be off-putting to some potential tenants. But an aggressive rate can go a long way, he adds. “I think you can get beyond that if the rate’s good enough,” Jenkins says. “If you can bring to the table parking and suburban rates, why can’t you lease that building?”…

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