Holliday Fenoglio Fowler, L.P. announces the $10.239 million acquisition financing for Arrowridge Business Park, a four-building, office-warehouse portfolio totaling 194,560 square feet in Charlotte, North Carolina.
The HFF team worked on behalf of the borrower, a joint venture of Childress Klein, WHI Real Estate Partners and affiliates of Ocean Road Advisors, Inc., a New York City-based family office, to place the 10-year, fixed-rate loan with a life company. Additionally, HFF will service the loan, proceeds of which were used to acquire the property.
Arrowridge Business Park consists of four rear-load buildings with 16-foot ceiling heights and a total of 37 dock-high doors, 17 drive-in ramps and 35 percent office finish. The buildings are 98 percent leased to 26 tenants, including Sears Home Improvement Products, Centimark, Interior Specialists and Lennox Industries. Situated on 13.57 acres at 8041, 8107, 8227 and 8301 Arrowridge Boulevard, the property is proximate to the intersection of Interstates 77 and 485, which provides access to the Charlotte CBD and Charlotte Douglas International Airport. Numerous dining and lodging options, including a Starbucks and a Hyatt Place, are near Arrowridge Business Park.
The HFF debt placement team representing the borrower included senior managing director Travis Anderson and senior director Cory Fowler.
“At 98 percent occupancy, the acquisition of Arrowridge Business Park was an outstanding opportunity for the borrower to add additional stabilized assets to their already-strong portfolio within the submarket,” Fowler said. “By leveraging its market knowledge and experience, the partnership can ensure that the portfolio continues to operate at a level above its competition.”
About Childress Klein
Childress Klein is a full-service firm offering a range of products and services covering all aspects of commercial real estate. For more than 35 years, the professionals at Childress Klein have developed, managed and leased approximately 43 million square feet of office, industrial, retail and multifamily properties in major markets throughout Virginia, Tennessee, North and South Carolina, Georgia and Florida. Learn more at http://www.childressklein.com.
About WHI Real Estate Partners
WHI Real Estate Partners L.P. is a real estate investment firm focused on repositioning middle-market properties throughout the United States. For more information, visit http://www.whirep.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, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.