According to Yardi Matrix data, the seller was a special servicer acting on behalf of US Bank and the deal closed at $24.5 million. This latest sale clocked in at a cool $9 million more than what the US Bank investor group paid for the building in a foreclosure sale, back in 2012.
The 12-story Second Ward office building was originally constructed in 1971, on a 2.7-acre lot located near to Marshall Park. The building’s 184,144 square feet include retail space, and the grade-level parking has a ratio of 4.5 per 1,000 square feet. The Fallon Co. plans to base its southeast regional headquarters here.
Michael Fallon, chief investment officer of The Fallon Co., stated that the company has long-term plans for business in the Charlotte commercial real estate market: “Given Charlotte’s strong economic forecast, commercial and residential urban remigration, and central regional location, we plan to continue making significant investments in this market.”
Located at 301 South McDowell Street, the property is highly accessible, as it is adjacent to Interstate 277 and within walking distance of several Charlotte Area Transit System (CATS) bus and light rail stops. Notable nearby points of interest are the Bank of America headquarters, Wells Fargo’s East Coast headquarters, Spectrum Arena and the Bank of America Stadium.