Trinity Partners announces the sale of One University Place
Charlotte, North Carolina – Thursday, April 22, 2021 – One University Place, an 84,800 square foot suburban office building located in the University office submarket of Charlotte, North Carolina, has officially sold to an entity affiliated with Crescent Communities, Trinity Partners is pleased to announce. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Origin Investments, located in Chicago, Illinois.
The investment sale included an 86% occupied office building on 6.04 acres located a short walk from the J.W. Clay / UNCC Lynx Blue Line Station in the heart of University City’s planned Town Center. After purchasing the property in 2015, Origin executed an extensive capital improvement plan that transitioned the late-80s vintage office building to a sleek, modern design focused on the tenant experience and accentuated by the building’s prime location on the lake. Immediate access to mass transit, abundant amenities surrounding the property, and proximity to key demand drivers, including UNCC and University Research Park, position the building for continued growth and excellent performance.
“Origin’s investment in One University Place offers an excellent case study on the identification of catalytic growth locations and opportunities to reimagine the tenant experience through additional investment. Trinity Partners’ execution of our renovation and leasing strategy was essential to the substantial value we created,” said Marc Turner, Managing Director at Origin Investments. Trinity Partners managed and lease One University Place on behalf of Origin.
“In spite of COVID-related setbacks, investor appetite for the asset was very strong given the property’s location, high-quality tenancy, and the significant improvements made to the asset,” said Dunn Mileham, Division Partner, Investment Sales at Trinity Partners. “Crescent has been one of the most active developers in the University area for decades. Their investment in OUP is a testament to the continued strength of the submarket and certainly acknowledges Origin’s extremely well executed repositioning of the building. Trinity Partners’ leasing and property management service lines look forward to working with the Crescent team to see its vision for the investment and the greater area surrounding University City realized.”
Trinity Partners has been retained by Crescent Communities to continue providing leasing and management services. For more information or to tour One University Place, please contact Maddy Howey (704.295.0448) or Jennifer Kurz (704.295.0412).
ABOUT ORIGIN INVESTMENTS
Origin Investments is a private equity real estate manager that provides individual investors, family offices and advisors with institutional-quality real estate to build and preserve wealth. We acquire, develop, and operate multifamily real estate across 11 fast-growing markets in the U.S. Since our founding in 2007, we have executed more than $2.3 billion in real estate transactions and our principals have invested more than $56 million alongside our investors. We pride
ourselves on offering unparalleled service to our investors and have been regularly named a consistent top-performing fund manager by Preqin, an independent provider of data on alternative investments. We have raised more than $350 million for our open IncomePlus and Qualified Opportunity Zone Funds and are accepting new investors today. To learn more, visit www.origininvestments.com.
ABOUT TRINITY PARTNERS
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. They are known for their entrepreneurial spirit, best-in-class performance, and respected team of commercial real estate professionals, who are directly responsible for the company’s success and collaborative culture. The firm currently leases and/or manages over 22 million square feet of office, industrial, mixed-use, and retail space across the region through their four offices in Charlotte and Raleigh, North Carolina, and Columbia and Greenville, South Carolina.
ABOUT CRESCENT COMMUNITIES
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 63 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.
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