Stockbridge, Trinity Sell Toringdon Office Park in Charlotte for $114.4M

by Nellie Day

CHARLOTTE, N.C. — Stockbridge Capital Group and Trinity Capital Advisors have sold Toringdon Office Park, a 519,698-square-foot office park in Charlotte, to an unnamed buyer for $114.4 million.

The six-building park is located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way in the Ballantyne submarket, about 10 miles south of Charlotte’s Central Business District. The buildings were constructed between 2001 and 2008.

The park is 87 percent leased. Notable tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.

HFF’s Ryan Clutter represented the seller in the transaction. HFF’s Travis Anderson and Cory Fowler also arranged a $79 million acquisition loan through CIBC Capital Markets for the buyer. Clutter notes this was the first core office asset to be marketed and sold in the Ballantyne area since its inception more than 18 years ago.

“The Toringdon transaction is a compelling sale for the Charlotte market as larger, non-CBD office trades have been less frequent in most U.S. office markets since the downturn in the economy,” he says. “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.”

San Francisco-based Stockbridge Capital Group is a real estate investment management firm with a portfolio of more than 30 million square feet of office, industrial, retail, hospitality and residential properties throughout the United States.

Charlotte-based Trinity Capital Advisors acquires and develops institutional-quality office, industrial and mixed-use real estate in the Southeastern United States. The firm has acquired and/or developed more than 13 million square feet of assets, totaling more than $1.9 billion, since its inception.

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