Terra Funding has sold Uptown Charlotte’s five-story 200 North College mixed-use building, which houses the Wake Forest University business school. Cushman & Wakefield arranged the sale to AH Real Estate Holdings. The price was $32.7 million, although the site was valued by Mecklenburg County at $133 million last year, then reduced to $115 million after appeals, the Charlotte Ledger reported Monday.
The property covering 455,000 square feet has been in a receivership assigned to an affiliate of Charlotte developer Childress Klein.
The property consists of an 810-space parking deck and a five-story office building now anchored by Wake Forest University. The sale doesn’t include an adjacent Doubletree by Hilton hotel with 294 rooms.
The buyer plans to redevelop a portion of the property to include multifamily units and ground-level retail space. It is across College Street from Bank of America’s headquarters building.
“This was a complex deal with several moving parts, but we are proud to have collaborated with the seller to identify the right buyer for its future,” Rob Cochran, executive director at Cushman & Wakefield, said in a release. ”200 North College is located on an entire city block in a very prominent location that is surrounded by several well-known office buildings and attractions in Charlotte. It’s also an impactful site within Uptown Charlotte that has a variety of opportunities under new ownership.”
A previous owner defaulted in 2023 on a $37.3 million commercial loan tied to the building, the Charlotte Business Journal previously reported. Wells Fargo Trust Co. filed a civil suit in North Carolina Business Court in November 2023, asking that a receiver be assigned to the property, then called Wake Forest University Charlotte Center
The building became more than 90% vacant following Bank of America Corp.’s move from the space and into Legacy Union’s Bank of America Tower in 2019.
The Ledger notes that Uptown office buildings are selling for 40% to 50% less than the prices paid over the past decades. At least 10 center-city office buildings are more than half-empty, the publication has noted. It also said the buyer, AH Real Estate, is affiliated with Dallas investor Mark Heymann.