Northwood Investors Nabs Charlotte’s Ballantyne Corporate Park

The $1 billion deal is considered to be the largest single real estate transaction in Charlotte’s history.

Charlotte, N.C.—New York-based investment firm, Northwood Investors, has recently purchased the Ballantyne Corporate Park in Charlotte, N.C. According to the Charlotte Observer, the sale price was approximately $1 billion, but the company has not disclosed an official amount. Northwood acquired a portfolio of more than four million square feet of Class A office space and nearly 600 hotel rooms from locally based Bissell Cos.

The Harris Building in Ballantyne Corporate Park, Charlotte, N.C.
The Harris Building in Ballantyne Corporate Park, Charlotte, N.C.

Wells Hill Partners served as the advisor to Bissell on this transaction, while HFF assisted in arranging financing for the acquisition. Troutman Sanders LLP acted as legal advisor to Bissell and Simpson Thacher & Bartlett LLP and Nelson Mullins Riley & Scarborough LLP, both advised Northwood.

Offering direct access to I-485, the largest single development in the city’s history, Ballantyne, is located within 20 minutes of downtown Charlotte and the Charlotte Douglas International Airport. Ballantyne Corporate Park covers roughly 535 acres and more than 4 million square feet of office space, two million of which is targeted for LEED Gold certification. The Park also features restaurants, medical and retail amenities. Ballantyne Corporate Park is zoned for more than six million square feet of office space. Bissell broke ground on the first building in Ballantyne Corporate Park in 1996. After 25 years, the site has become one of the largest office parks in the Carolinas.

Positioned in the heart of Charlotte’s largest concentration of college educated and experienced labor, Ballantyne Corporate Park is home to more than 35 Fortune 500 companies. Current office tenants include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens, among others.

Image and video courtesy of Ballantyne Corporate Park