KHP Capital Partners, a real estate private equity firm specializing in lifestyle and independent hotels, has recently acquired The Johnston Building in Charlotte for $19.3 million. This 100-year-old uptown office building was sold by Spaulding & Sly Investments, who purchased it from The Dilweg Co. in 2019 for $35.3 million.
The historic landmark property, which was appraised at $45.4 million during Mecklenburg County’s 2023 property revaluation, is expected to qualify for tax credits if KHP decides to convert it into a hotel.
Built in 1924 as the tallest building in Charlotte at the time of its opening, The Johnston Building boasts of a rich history and unique architecture with its 17 stories and total area of over 172,000 square feet. In recognition of its significance to the city’s heritage, it was designated as a historic landmark by the Charlotte-Mecklenburg Historic Landmarks Commission back in1992.
CBRE brokers Patrick Gildea,Matt Smith,and Robert Hardaway representedthe sellerin this transaction,giving them an opportunityto showcase their expertisein commercial real estate sales.Gildeaand Smith were also involvedinthe previous saleof thispropertybackin2019.This acquisition marks another successful venturefor KHP Capital Partnersas they continue to expandtheir portfoliowith strategic investmentslikeTheJohnstonBuilding.It will be excitingto seehowtheywilltransformthiscentury-oldofficebuildingintoan upscalehoteldestinationfor visitorsand locals alike.The latest update on Connect CRE brings you all these details about KHP’s latest purchase without any mentionof “Connect” or “Connect LA” or “Connect Texas”.
