Holliday Fenoglio Fowler, L.P. (HFF) announces the $16.07 million financing for the newly remarketed INQ2401, a 162,372-square-foot creative office building in Charlotte, North Carolina.
The HFF team worked on behalf of the borrower, a partnership between DRA Advisors and Mainstreet Capital Partners, to place the floating-rate loan with HSBC.
The borrower redeveloped INQ2401 into a high-density, Class A interior with an eight-per-1,000-square-foot parking ratio. New HVAC, roof, facade, parking, signage, lighting and landscaping all serve to create a destination office option that lends itself to a unique tenant environment. Starting this fall, Verizon Wireless will occupy more than 55 percent of the property. Situated on 21.54 acres at 2401 Sardis Road North, INQ2401 is in the south part of Charlotte at the intersection of Sardis Road and Independence Boulevard, a strategic highway corridor currently undergoing widening and other improvements. Nearby amenities include the future Silver Line Light Rail, which upon completion will increase connectivity for future tenants; Galleria Shopping Center and the 114-acre McAlpine Creek Park. Uptown Charlotte is approximately 10 miles northwest of the property.
The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler.
“The sponsorship has done a phenomenal job revitalizing the property into a Class A office,” Fowler said. “Located within a 30-minute drive to approximately one million residents, INQ2401 addresses an immediate need for high-quality, large single-floorplate office space in a premium location. That investment plan has been proven by the sponsor with the recent signing of Verizon Wireless.”
About DRA Advisors
DRA Advisors is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $11 billion in assets under management. Since 1986, DRA's focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA's acquisitions since inception include 1,500 properties valued at over $29 billion. Visit http://www.draadvisors.com for more information.
About Mainstreet Capital Partners
Mainstreet Capital Partners is a real estate investment and management firm specializing in office and industrial acquisitions. Established in 1999 by Paul J. Kilgallon, Mainstreet Capital Partners seeks to align itself with investment partners by sourcing investment opportunities in the southeastern and southwestern United States. For more information, visit http://www.mainstreetcapital.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.