Holliday Fenoglio Fowler, L.P. (HFF) 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.”