Charlotte’s Toringdon Office Park Sold for $114.4M
- Dec 07, 2015
A premier office park located in the heart of Charlotte’s most desirable suburban market was recently sold for $114.4 million. HFF closed the sale of and arranged financing for the Class A 519,698-square-foot Toringdon Office Park.
The recently sold property consists of six properties constructed between 2001 and 2008. Located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way, the park offers convenient proximity to Charlotte’s central business district and provides direct access to Interstates 485 and 77 and the Interstate 85 corridor.
In the transaction, HFF represented the seller, Stockbridge Capital Group/Trinity Capital Advisors. Additionally, HFF assisted the new ownership entity in securing the $79 million acquisition loan through CIBC Capital Markets. Ryan Clutter, senior managing director, led the HFF investment sales team representing the seller. 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,” said Clutter. “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.”
Toringdon Office Park was 87 percent leased at the time of the sale and includes tenants such as Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.
Image courtesy of Trinity Capital Advisors