Ok. After a few hours of looking. I found bits and pieces that led to a solution. I am not sure if there is a more effective way, but here is a final solution that works.
Thanks to 6stringjazzer the primary problem of a limitation within Excel was identified. The possible workaround proposed by 6stringjazzer also got me on the right path for a viable solution.
cAddress = g_cSheet.Cells(cRow, cCol).Address
anchorCol = FindColumn(QCSheet, QCCol04) 'anchor column
Set aAddress = QCSheet.Cells(qcLastRow + 1, anchorCol)
saAddress = "'" & g_cSheet.Name & "'!" & g_cSheet.Cells(cRow, cCol).Address
stText = "Go to " & cAddress & " in the '" & g_cSheet.Name & "' sheet."
ttDisplay = g_cSheet.Name & " " & Replace(cAddress, "$", "")
If qcLastRow + 1 < 65531
With QCSheet
.Hyperlinks.Add _
anchor:=aAddress, _
Address:="", _
SubAddress:=saAddress, _
ScreenTip:=stText, _
TextToDisplay:=ttDisplay
End With
Else
With aAddress
.Formula = "=HYPERLINK(" & Chr(34) & "#" & saAddress & Chr(34) & ", " & Chr(34) & ttDisplay & Chr(34) & ")"
End With
End If
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