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| Morrison Building, 6525 MOrrison Boulevard, SouthPark Submarket, Charlotte, NC |
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| 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.
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| 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
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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