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