A partnership managed by Mainstreet Capital has sold Water Ridge Office Park in suburban Charlotte, North Carolina in a $115 million sale arranged by Holliday Fenoglio Fowler, L.P. (HFF). New York Life Real Estate Investors coordinated the acquisition of the 11-building, 844,958-square-foot, Class A office park on behalf of New York Life Insurance Company who purchased the portfolio. Mainstreet Capital Partners and Goldman Sachs Group Inc. listed the portfolio for sale this spring. The property previously traded hands in January 2013 when Archon Group, the real estate investment and management arm of Goldman Sachs Group Inc., together with Mainstreet purchased the office park from affiliates of TIAA-CREF for $75 million.
"Given Water Ridge's proximity to the airport, Downtown Charlotte and numerous residential areas, the park has experienced tremendous leasing demand and rents have climbed considerably over the last few years," said Ryan Clutter, Senior Managing Director at HFF, who represented the seller. "This well positioned office park received strong interest from institutional capital who continue to have a strong appetite for Charlotte opportunities."
The buildings at Water Ridge, formerly known as LakePointe Office Park, were 82% occupied at the time of sale with major tenants including The Vanguard Group, SunTrust Banks Inc., Carolinas HealthCare System, Publix Super Markets and Midrex Technologies Inc. Built between 1989 and 2001, the park has undergone an extensive renovation in the past year with updates to many of the lobbies, restrooms and elevators throughout the park.
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