HFF Leads $115M Sale of Suburban Charlotte Office Park

HFF has secured the sale of the 11-building Water Ridge Office Park in Charlotte, N.C., for $115 million.
Water Ridge Office Park
Water Ridge Office Park

By Ioana Neamt, Associate Editor

Charlotte, N.C.HFF has arranged the $115 million sale of an 11-building, 844,958-square-foot office complex in Charlotte’s Interstate 77/Southwest submarket. An HFF investment sales team led by Senior Managing Director Ryan Clutter represented the seller—a partnership managed by Mainstreet Capital. Working on behalf of property buyer New York Life Insurance Co., New York Life Real Estate Investors coordinated the acquisition of the Class A office asset.

Located at the intersection of West Tyvola Road and North Falls Drive, Water Ridge Office Park is only two and a half miles away from the Charlotte Douglass International Airport. The property is also situated directly across the 170-acre City Park master-planned community currently being developed by Pope & Land on the site of the old Charlotte Coliseum.

“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 over the last few years,” said Clutter. “This well positioned office park received strong interest from institutional capital who continue to have a strong appetite for Charlotte opportunities.”

Water Ridge Office Park was constructed between 1989 and 2001 and has undergone extensive renovation work over the past year, including upgrades to the lobbies, restrooms and elevators throughout the complex. A variety of amenities have also been added to the office complex, such as a new fitness center with locker rooms and a canteen, new outdoor picnic area and walking trails, and interactive touchscreen directories at some of the buildings. Tenants at Water Ridge include The Vanguard Group, SunTrust Bank, Carolinas HealthCare System, Publix, Midrex, and The Art Institute of Charlotte.

Image courtesy of JLL