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| Water Ridge Office Park, West Tyvola Road and North Falls Drive, Charlotte, NC |
CHARLOTTE, NC –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Water Ridge Office Park, an
11-building, 844,958-square-foot, Class A office park in suburban Charlotte,
North Carolina.
HFF represented the
seller, a partnership managed by Mainstreet Capital, in the transaction. New York Life Real Estate Investors
coordinated the acquisition on behalf of New York Life Insurance Company who
purchased the portfolio.
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| Ryan Clutter |
Water Ridge Office Park is
located at the intersection of West Tyvola Road and North Falls Drive just two
and a half miles from the Charlotte Douglass International Airport.
Situated in the Interstate
77/Southwest submarket, the property is proximate to Uptown and SouthPark, and
is directly across from the 170-acre City Park master planned community being
developed by Pope & Land on the old Charlotte Coliseum site.
Water Ridge Office Park is
82 percent leased to tenants including The Vanguard Group, SunTrust Bank,
Carolinas HealthCare System, Publix, Midrex and The Art Institute of Charlotte.
Built between 1989 and 2001, the park has
undergone an extensive renovation in the past year with updates to many of the
lobbies, restrooms and elevators throughout the park. Additional amenities have also been added,
including outdoor picnic areas and walking trails, a fitness center with locker
rooms and canteen, and interactive touchscreen directories at some of the
buildings.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Clutter.
“Water Ridge Office Park
is a thriving corporate hub located in close proximity to Charlotte Douglass
International Airport, one of the busiest airports in the U.S.,” said
Clutter.
“Given Water Ridge’s
proximity to the airport, downtown Charlotte and numerous residential areas,
the park has experienced tremendous leasing demand and rents have climbed
considerably during the last few years.
This well-positioned office park received strong interest from institutional
capital who continue to have a strong appetite for Charlotte opportunities.”
“The sale of Water Ridge
Office Park marks the largest, truly suburban office sale in Charlotte’s
history and is a testament to the city’s thriving economy and compelling demand
drivers. Charlotte is now firmly
recognized and respected as a noteworthy market for institutional capital,”
added Clutter.
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 | www.hfflp.com
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