Synco Properties sells Midtown office building to Beacon Partners for $5M
Published: December 13, 2012
Time posted: 4:08 pm
CHARLOTTE — Synco Properties said Thursday that it has sold the 43,000-square-foot office building at 500 E. Morehead St. for $5.25 million to Beacon Partners.
Both companies are based in Charlotte.
According to Synco, the purchase of the 2.4-acre property in Charlotte’s Midtown closed Nov. 28.
Beacon said it plans to continue to lease and manage the property, Synco said.
Synco said the building’s occupancy, at the time of the sale, was 95 percent. At the time of the sale, it was home to roughly 25 tenants, including Metro YMCA, the anchor tenant.
According to Synco, the three-story building was built in two phases in 1960 and 1963. Synco said it and investors bought it in 1982 for $1.3 million.
Tim Hose, president and CEO of Synco, represented the seller. Mike Harrell, office principal for Beacon, represented the buyer.