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Independence Tower sells for $5M

Independence Tower, a 12-story building at 4801 E. Independence Blvd., sold for $5 million in a public auction Tuesday at the Mecklenburg County Courthouse after going into foreclosure.

ITI Ventures LP in Santa Ana, Calif., is listed as the buyer.

Bobbi Jo Zobrest, property manager with the Charlotte office of St. Louis-based Cassidy Turley, which manages Independence Tower, said the building’s previous owner, Corcoran-Maddox Cos. in Nashville, Tenn., defaulted on the building’s loan.

Zobrest said ITI is going to hold on to the building for a “long-term asset” and that the current tenants will not be impacted.

Calls to Corcoran-Maddox were not returned.

Sam Boykin can be reached at sam.boykin@mecktimes.com.

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