JV Acquires 387 KSF Office Portfolio in NC
- Feb 15, 2019
In a partnership with Blue Vista Capital Management, Dominion Realty Partners has purchased the 386,844-square-foot Mendenhall Business Park in High Point, N.C. The six-building office portfolio traded with help from First Financial of Ohio, which provided debt financing. The Carolina’s office of HFF represented the seller in the transaction.
Located in the Piedmont Triad Airport submarket, the park is roughly 2 miles of interstates 40 and 85, providing tenants quick access to all three cities within the Triad. Mendenhall is 10 minutes away from Greensboro, N.C., and 25 minutes from downtown Winston-Salem, N.C. More than 100 restaurants and shops are within a two-mile radius. Aetna, Paychex and North State are among the tenants of the property, which is now 69 percent occupied. The new owner intends to renovate all buildings in the portfolio.
“Dominion Realty Partners is excited to enter the Triad market with the acquisition of Mendenhall Business Park, as we see continued upside in our ability to add value to these assets by upgrading the product offering and leasing the remaining vacancy,” said Jason Hull, financial analyst at Dominion Realty Partners, in prepared remarks.
The company’s office portfolio now includes 23 properties across the Carolinas and Virginia. Two of the most notable developments in that portfolio include the recently launched 29-story FNB Tower, a $129 million mixed-use tower in Charlotte, N.C., and 501 Fayetteville Street in Raleigh, a 22-story, $118 million mixed-use property slated for opening at the end of 2019.
Recently, Dominion Realty Partners also acquired office assets in Columbia and Greenville, S.C., Raleigh-Durham, N.C., Richmond and Virginia Beach, Va.
Image courtesy of Dominion Realty Partners