Sale of two premier Charlotte office buildings closed by HFF
CHARLOTTE, NC – April 18, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) and Spectrum Properties announced today that they have closed the sale of the Morrison and Roxborough Buildings, two premier, multi-tenant office buildings totaling 178,338 square feet in Charlotte, North Carolina.
HFF marketed the property on behalf of the seller, Lionstone Investments. The property was purchased by a joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corporation.
The Morrison and Roxborough Buildings are located at 6525 Morrison Boulevard and 1901 Roxborough Road, directly across from the Southpark Mall in the SouthPark submarket of Charlotte. This location is convenient to Charlotte’s central business district, the Charlotte Douglas International Airport and area thoroughfares including Interstates 77, 85 and 485. The four- and five-story properties are 95% leased to tenants including Velocity and South State Bank.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter and director Scot Humphrey.
“Morrison and Roxborough are two exceptionally well-located office buildings in the heart of SouthPark, one of Charlotte’s most dynamic submarkets. These buildings attracted considerable interest from the investment community as they have a long history of out-performing their competition and achieving strong rents,” commented Clutter.
“There is a tremendous amount of ‘value-add’ capital in the marketplace seeking opportunities to push rents through building improvements or proactive leasing strategies. We continue to see this segment of the market aggressively pursue our well located Carolinas offerings and we believe this trend will continue for the foreseeable future,” added Clutter.
“This acquisition gives Intercontinental the opportunity to capitalize on the strong Charlotte market. We are fortunate to have partnered with Spectrum Properties and appreciate the excellent services of HFF. We look forward to more excellent investments on behalf of Intercontinental’s investors,” commented Peter Palandjian, chairman and CEO of Intercontinental.
“We are excited about adding these two great office assets in SouthPark to our Charlotte portfolio. We are fortunate to again partner with Intercontinental on this investment,” commented John Boylan, president of Spectrum Properties.
About Lionstone Investments
Founded in 2001, Lionstone Investments is a privately-owned real estate investment firm that specializes in conceptualizing and executing national investment strategies based on proprietary data interpretation and ideas. Each Lionstone real estate strategy is implemented by a dedicated team with both discretionary and non-discretionary capital, providing maximum flexibility for investing partners and fund managers to grow value. The firm focuses on Core, Value-Add, and Opportunistic Investments. For more information, please visit www.lionstoneinvestments.com.
About Spectrum Properties
Spectrum Properties provides development, leasing, management, construction management, project maintenance, tenant representation, and corporate services for institutional and private clients. Its leasing and management portfolio includes almost 5.5 million square feet of urban and suburban office, industrial, and residential property in the Southeast. Spectrum Properties has development expertise in office, multifamily, and mixed-use product types. For more information, please visit www.spectrum-properties.com.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visitwww.intercontinental.net for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.