CHARLOTTE, NC—Holliday Fenoglio Fowler has closed the sale of Water Ridge Office Park, an 11-building, 844,958-square-foot, class A office park in suburban Charlotte.
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.
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% 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 US," 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.
Mainstreet Capital Partners is a real estate investment and management firm specializing in office and industrial acquisitions. Established in 1999 by Paul Kilgallon, Mainstreet Capital Partners seeks to align itself with investment partners by sourcing investment opportunities in the southeastern and southwestern United States.
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