Tuesday, May 14, 2019

HFF closes sale and arranges financing for urban infill office building in Charlotte, NC


Park Abbey, a 111,436-SF, Class A office building
at 
4600 Park Road, Charlotte, NC

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale and financing of Park Abbey, a 111,436-square-foot, Class A office building located in Charlotte, North Carolina.

Rebecca Van Reken

HFF marketed the portfolio on behalf of the seller, Dilweg Companies, and procured the buyer, a partnership between Foundry Commercial and Riverstone Capital Group. 

Scot Humphrey

 Additionally, HFF placed the five-year, floating-rate acquisition loan on behalf of the buyer with a life company.

Located at 4600 Park Road, Park Abbey is positioned at the nexus of Southpark, South End and Uptown Charlotte, which together offer a plentiful retail and entertainment amenity base, including the Montford entertainment district and Park Road Shopping Center. 

The asset also benefits from its infill location in a rapidly growing live-work-play area.  Since 2013, residential units have increased by 40% within a half of a mile of Park Abbey, and an additional 1,020 units are currently under construction or proposed. 

Originally built in 1970, the five-story building has been institutionally maintained and most recently updated in 2008.  Currently, Park Abbey is 97% leased to a diverse tenant roster, including Horizon Professional Education, Inc. and Full House Marketing.

Ryan Clutter
The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, managing director Scot Humphrey, senior director Chris Lingerfelt and director Zack Drozda.

HFF’s debt placement team was led by senior managing director Travis Anderson, managing director Rebecca Van Reken and senior director Cory Fowler.

“Park Abbey benefits from a flourishing Park Road location and this investment opportunity was heavily pursued by local and regional investors,” Lingerfelt said.  “Park Abbey’s future is bright as it will be repositioned into one of the top office buildings in the submarket.”

“Urban-infill, well-located office buildings that are favorably positioned to capture strong rents and leasing activity going forward, are sought after investments in today’s market,” Clutter added. 

Chris Lingerfelt
“We witnessed this first hand as numerous groups saw the upside potential of the Park Abbey building.  As Charlotte and the Carolinas continue to have strong population and job growth, we anticipate investor demand for opportunities like Park Abbey to continue to be robust.”

About The Dilweg Companies

The Dilweg Companies is a full-service commercial real estate investment firm based in Durham, North Carolina.  

Since its launch in 1999, Dilweg has gained broad experience in the acquisition, development and operation of office, retail, warehouse/flex, multifamily and self-storage properties. 

Dilweg’s investors have sponsored over $1 billion in assets and more than 9.6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. 

For more information, please call (919) 402-9100 or go to www.dilweg.com.


Zack Drozda
About Foundry Commercial

Foundry Commercial is a full-service real estate services and investment company with 330 associates and more than 55 million square feet of management and leasing across the Southeast and Texas. 

Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. 

Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to complete $1.3 billion in advantaged investment opportunities in partnership with its clients. 


Travis Anderson
Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. 

For more information, please visit foundrycommercial.com.

About Riverstone Capital Group

Riverstone Capital Group is a privately-owned real estate investment firm based in Coral Gables, FL focused on the acquisition and management of income producing retail, industrial, and office assets in the Southeast United States. 

To learn more, please visit

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  


Cory Fowler
HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.comor follow HFF on Twitter @HFF.


CONTACTS:

RYAN CLUTTER
NC Lic. #172952
HFF Senior Managing Director
(704) 526-2800

TRAVIS ANDERSON
HFF Senior Managing Director
(704) 526-2800

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990


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