By Mihaela Coste
HFF secured $10.2 million in acquisition financing for Arrowridge Business Park, a four-building, office-warehouse portfolio located in Charlotte, N.C. The company arranged the 10-year, fixed-rate loan through a life company, working on behalf of a joint venture between Childress Klein, WHI Real Estate Partners and affiliates of Ocean Road Advisors Inc.
HFF will service the loan, proceeds of which were used for the acquisition of the 194,560-square-foot portfolio. Senior Managing Director Travis Anderson and Senior Director Cory Fowler led the debt placement team representing the borrower. Earlier this month, HFF secured a $15 million financing for a warehouse building located in South Brunswick, N.J.
Location and tenure mix
Arrowridge Business Park is situated on a 13.6-acre site at 8041, 8107, 8227 and 8301 Arrowridge Blvd., in close proximity to the intersection of interstates 77 and 485, providing convenient access to the Charlotte CBD and Charlotte Douglas International Airport. A variety of dining and lodging options are situated nearby, including a Starbucks and a Hyatt Place.
The four rear-load buildings feature 16-foot ceiling heights, a total of 37 dock-high doors, 17 drive-in ramps, wet sprinkler systems and 35 percent of the space designed for office purposes.
The portfolio is 98 percent leased to 26 tenants, including Sears Home Improvement Products, Centimark, Interior Specialists and Lennox Industries. “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,” said Fowler in a prepared statement. “By leveraging its market knowledge and experience, the partnership can ensure that the portfolio continues to operate at a level above its competition.”
Images courtesy of Childress Klein