HFF, Triad Close Sale of NC Office Portfolio

The two companies sold the four-building portfolio in the Greensboro area to a joint venture between CBL & Associates and a pension fund investor.
The office building at 629 Green Valley Road, Greensboro, N.C.

The office building at 629 Green Valley Road, Greensboro, N.C.

Charlotte, N.C.— HFF and Triad Commercial Properties recently announced that they have closed the sale of four office buildings in the Greensboro-Winston-Salem-High Point area of North Carolina. The two firms marketed the 136,860-square-foot properties on behalf of the sellers, a joint venture between CBL & Associates Properties Inc. and a pension fund investor advised by Heitman. They also procured the buyer, Deep River Partners.

Situated on approximately 8 acres along Green Valley Road, the four-building portfolio is just west of downtown Greensboro and directly adjacent to the Friendly Center, the Triad’s premier shopping destination. The two- and three-story properties are located at 600, 620, 625 and 629 Green Valley Road and are 93 percent leased to tenants such as Wells Fargo, Bank of America, First Citizens Bank and Stifel Nicolaus. All of the buildings feature office space with ground-floor retail banking operations of major multi-national and regional banks.

“The strength of this location along with the positive fundamentals in the Greensboro market attracted a significant amount of interest from institutional buyers,” said Scot Humphrey, an HFF director, in prepared remarks. “Well-located properties in the Triad will continue to command strong interest in 2017 as the market continues to flourish.”

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