North_Carolina Archives

RALEIGH AND DURHAM, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold a seven-property office portfolio in Raleigh-Durham to an institutional investor for $105.5 million. The portfolio contains a total of 581,619 square feet within the Perimeter Park business park. The properties are located at 1500, 1600, 1700, 1800, 2000 and 2250 Perimeter Park and 3800 Paramount Parkway within the Research Triangle Park submarket of Raleigh-Durham. The portfolio is situated near Interstates 540 and 40, with access to Cary, West Raleigh and North Raleigh, as well as access to the Raleigh-Durham International Airport and Research Triangle Park. The portfolio was built in the 1990s and early 2000s. It is approximately 91 percent leased to tenants like QuintilesIMS, AECOM, TrialCard, UNC Physicians Network and Beacon Health Options. “This transaction demonstrates the strong appeal and growing appetite from institutional investors for well-positioned office investment opportunities in Raleigh-Durham and throughout the overall Carolinas market,” says HFF’s Ryan Clutter who, along with Scot Humphrey and Chris Lingerfelt, represented the sellers in this transaction. “Suburban office has proven to be a more challenging asset class to sell in many markets around the country, yet the Carolinas continue …

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 …

North_Carolina

Starwood, Trinity Capital, Vanderbilt Partners Sell Raleigh-Durham Office Portfolio for $105.5M

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