Development

South Charlotte office park sold for $114 million

An office park in south Charlotte has been sold for $114 million, brokerage firm HFF said Friday.

The Toringdon Office Park is near Ballantyne and consists of six buildings totaling almost 520,000 square feet. The seller was a joint venture of Stockbridge Capital Group/Trinity Capital Advisors. The buyer was not disclosed, and real estate records didn’t immediately reflect the identity.

The buildings are 87 percent leased, according to HFF, which also arranged financing. Tenants include TIAA-CREF, Selective Insurance and Heartland Payment Systems.

“This transaction represents the first core office asset to be marketed and sold in the Ballantyne area of Charlotte since its inception more than 18 years ago,” said HFF senior managing director Ryan Clutter. “Institutional capital was drawn to the compelling growth of the area, the considerable rise in rents, and the strong leasing activity currently taking place in the park.”

Ely Portillo: 704-358-5041, @ESPortillo

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