Saturday, December 19, 2015

HFF closes $114.4 million sale and secures $79 million financing for 6-building office park in Charlotte, NC

Six-Building Torringdon Office Park, Charlotte, NC

Ryan Clutter
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Toringdon Office Park, a six-building, 519,698-square-foot, Class A office park in Charlotte, North Carolina. 

HFF represented the seller, Stockbridge Capital Group/Trinity Capital Advisors, in the transaction.  An undisclosed buyer purchased the portfolio for $114.4 million free and clear of existing debt.  

Additionally, HFF assisted the new ownership entity in securing the $79 million acquisition loan through CIBC Capital Markets.

Toringdon Office Park consists of six properties located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way directly off Johnston Road in the Ballantyne submarket of Charlotte. 

This location, about 10 miles south of Charlotte’s central business district, provides direct access to Interstates 485 and 77 and the Interstate 85 corridor.  The buildings were constructed between 2001 and 2008, and the park is 87 percent leased overall. 

Travis Anderson
The park’s largest tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.  Within walking distance are a number of retail and dining options, truly creating an urban/suburban feel to the asset.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

HFF’s debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

“Toringdon is a special asset located in one of the most dynamic and rapidly growing areas in the entire Southeast,” Clutter said.  “This transaction represents the first core office asset to be marketed and sold in the Ballantyne area of Charlotte since its inception more than 18 years ago. 

“Institutional capital was drawn to the compelling growth of the area, the considerable rise in rents, and the strong leasing activity currently taking place in the park.  This trade represents a true ‘win-win’ for both the buyer and seller and further illustrates the strong investment variables present in the Charlotte office market.”

Cory Fowler
“The Toringdon transaction is a compelling sale for the Charlotte market as larger, non-CBD office trades have been less frequent in most U.S. office markets since the downturn in the economy” Clutter added. 

“The best-in-class nature of this asset, its location in a strong ‘urban node’ and the continued growth and strength of the Charlotte market were very compelling features of this asset that appealed well to institutional capital.  This is a landmark trade for Charlotte and a clear indication of the strength and positive direction of the market.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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