Development

Water Ridge Office Park sold for $115 million

Water Ridge Office Park
Water Ridge Office Park

An 11-building office park on West Tyvola Road has been sold for $115 million.

Brokerage firm HFF, which represented the seller, a partnership managed by Mainstreet Capital, said Water Ridge Office Park is 82 percent leased, with tenants including Vanguard Group, SunTrust Bank, Carolinas HealthCare System and Publix. The office park, built between 1989 and 2001, has been renovated in the last year, with new amenities such as a fitness center.

The office park was purchased by New York Life Insurance Company.

“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, HFF senior managing director in Charlotte, who led the sale. “This well-positioned office park received strong interest from institutional capital who continue to have a strong appetite for Charlotte opportunities.”

Ely Portillo: 704-358-5041, @ESPortillo

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