Bank of America Sells Wake Forest University Charlotte Center For $72.5 Million to Alliance Partners

Bank of America Corp reportedly sold Wake Forest University Charlotte Center building to Alliance Partners, affiliate of the commercial real estate investment firm The Schidler Group, for $72.5 million, reported Charlotte Business Journal.

Located at 200 N. College Street, the building currently accommodates MBA students on the ground floor's 30,000 square feet premise that's on lease to the Wake Forest University. They relocated from South Park campus to the five-storey building in January 2012.

The Shidler Group, which already holds offices in Honolulu, New York and Bryn Mawr, Pa., purchased the land for $12.5 million and the building located at North College and East Fifth streets for $60 million, according the Charlotte Business Journal.

Bank of America also signed a 10-year lease for 408,109 square feet.

Last year, Bank of America sold the 47-storey Hearst Tower to Parkway Properties for $250 million and the Fifth Third Tower to Parmenter Realty Partners for $163 million. Both locations are based in uptown Charlotte with long-term leases.

The Schidler Group is affiliated with Terra Funding Trust, the investment entity within the firm that invests in underlying multi-tenant commercial buildings, according to their website. While the Schilder branch, Alliance Partners, focuses on acquiring property within major Easter United States markets.

Among the amenities offered to Wakefield students are the state-of-the-art technology  SMART® Boards, LCD screens and web video cameras for classrooms.  The boardrooms have two-way video conferencing cameras, according to the university website.  Currently, Wake Forest University students have space for the 6,000 students enrolled. Wake Forest' MBA program is ranked nationally in the top 10 percent.

Bank of America listed the uptown Charlotte property for sale last year, reported Charlotte Business Journal.