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| Six-Building Torringdon Office Park, Charlotte, NC |
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| 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.
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| 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.”
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| 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 | www.hfflp.com
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