Charlotte: January 7, 2011 - Trinity Capital Advisors (“Trinity Capital”) announced today it has purchased the debt and equity interest in NASCAR Plaza, a 393,000 square foot Class-A office building located in the Charlotte central business district (“CBD”).
The NASCAR Plaza investment, which is the firm’s first purchase of an existing CBD Class-A tower, exemplifies Trinity Capital’s strategy of investing in value-add office opportunities. The firm, in a joint venture with Rubenstein Partners, a Philadelphia based, real estate fund manager (“Rubenstein”), will bring a well capitalized ownership that will enable NASCAR Plaza to effectively compete for tenants within a submarket of Charlotte which has been demonstrating steadily improving fundamentals.
The key factor of the acquisition was the Trinity Capital and Rubenstein team’s ability to efficiently structure an extremely complex transaction involving multiple parties in a condensed period of time.
Walker Collier, Managing Director of Trinity Capital, remarked, “NASCAR Plaza is a true Class-A asset that is perfectly positioned to compete for both CBD and suburban Charlotte tenants, as well as corporate relocations to the metropolitan area. We feel fortunate to have the opportunity to own and manage such a well constructed building that has an exceptional anchor tenant.” Sean McKinley, Director of Trinity Capital, further commented that, “This asset is located in a part of town that is directly in the path future growth, and enjoys phenomenal access that is unmatched in Uptown. We are excited about the opportunity to reintroduce the building to the market.”
NASCAR Plaza is a landmark building in the Charlotte skyline and connected to the NASCAR Hall of Fame complex. It was designed by Pei Cobb Freed & Partners, famous for more than 200 world renowned projects such as the expanded Louvre in Paris, the Rock and Roll Hall of Fame in Cleveland and the John Hancock Tower in Boston. Furthermore, the building has achieved Leadership in Energy and Environmental Design (“LEED”) silver certification from the U.S. Green Building Council (“USGBC”).
About Trinity Capital Advisors
Trinity Capital Advisors is a preeminent Charlotte, private real estate investment and development company focused on selective development, acquisition and redevelopment of office, industrial and mixed-use real estate throughout the Southeast.
The LEED® (Leadership in Energy and Environmental Design) Green Building Rating System™ is a feature-oriented certification program that awards buildings points for satisfying specified green building criteria. The six major environmental categories of review include: Sustainable Sites, Water Efficiency, Energy and Atmosphere, Materials and Resources, Indoor Environmental Quality, Innovation and Design. Certified Silver, Gold and Platinum levels of LEED green building certification are awarded based on the total number of points earned within each LEED category. LEED can be applied to all building types including new construction, commercial interiors, core & shell developments, existing buildings, homes, neighborhood developments, schools and retail facilities. Incentives for LEED are available at the state and local levels and LEED has also been adopted nationwide by federal agencies, state and local governments, and interested private companies.