Saturday, April 30, 2016

HFF closes sale of two premier Charlotte, NC office buildings

Morrison Building, 6525 MOrrison Boulevard, SouthPark Submarket, Charlotte, NC

Ryan Clutter
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) and Spectrum Properties announced they have closed the sale of the Morrison and Roxborough Buildings, two premier, multi-tenant office buildings totaling 178,338 square feet in Charlotte, North Carolina.   

HFF marketed the property on behalf of the seller, Lionstone Investments.  The property was purchased by a joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corporation.

The Morrison and Roxborough Buildings are located at 6525 Morrison Boulevard and 1901 Roxborough Road, directly across from the Southpark Mall in the SouthPark submarket of Charlotte. 

This location is convenient to Charlotte’s central business district, the Charlotte Douglas International Airport and area thoroughfares including Interstates 77, 85 and 485.  The four- and five-story properties are 95% leased to tenants including Velocity and South State Bank.

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

Scot Humphrey
“Morrison and Roxborough are two exceptionally well-located office buildings in the heart of SouthPark, one of Charlotte’s most dynamic submarkets.  These buildings attracted considerable interest from the investment community as they have a long history of out-performing their competition and achieving strong rents,” commented Clutter. 

“There is a tremendous amount of ‘value-add’ capital in the marketplace seeking opportunities to push rents through building improvements or proactive leasing strategies.  We continue to see this segment of the market aggressively pursue our well located Carolinas offerings and we believe this trend will continue for the foreseeable future,” added Clutter.

“This acquisition gives Intercontinental the opportunity to capitalize on the strong Charlotte market. We are fortunate to have partnered with Spectrum Properties and appreciate the excellent services of HFF.  We look forward to more excellent investments on behalf of Intercontinental’s investors,” commented Peter Palandjian, chairman and CEO of Intercontinental.

“We are excited about adding these two great office assets in SouthPark to our Charlotte portfolio. We are fortunate to again partner with Intercontinental on this investment,” commented John Boylan, president of Spectrum Properties.

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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