United Technologies building sold to Griffin Capital

Vision Equities and CarVal Investors have sold the Four Coliseum Centre building, now entirely occupied by United Technologies Corp., for $39.18 million to a company managed by Griffin Capital Corp.

Based in California, Griffin Capital Corp. sponsors a real estate investment trust that invests in “business essential” office and industrial properties net leased on a long-term basis to corporate tenants.

Vision and CarVal, a subsidiary of Minneapolis-based Cargill, purchased the six-building Coliseum Centre office park off Tyvola Road for $103 million in April 2012. Just two months later, United Technologies, which acquired tenant Goodrich Corp., announced its plans to locate its aerospace-systems headquarters in Charlotte, creating 325 jobs.

UTC subsequently signed a 12-year lease for the entire 199,000-square-foot Four Coliseum Centre building. Goodrich had previously leased about 120,000 square feet in the building, and five tenants were relocated within the park in order to accommodate UTC’s expansion.

Vision and CarVal have now sold three of the six buildings in the park: Cole Real Estate Investments purchased two for about $42 million late last year.

So if you’re keeping score at home, that’s a purchase of six office buildings for $103 million, and then a sale of three of those for about $81 million within about 12 months. Not bad.

Fred Arena, managing partner and chief operating officer with Vision Equities, says his firm will continue to serve as asset manager for the Four Coliseum Centre building, as it is with the Cole properties.

Coliseum Centre is approximately 95% occupied and is leased by CBRE Group Inc.

Vision Equities and CarVal are also marketing an site for additional office development with Lincoln Harris. And Vision recently teamed up with another institutional investor, Starwood Capital Group, to buy the One Wells Fargo Center building uptown.