Trinity Partners is pleased to announce the sale of Arrowridge Business Park in Charlotte, North Carolina, to an undisclosed buyer. Dunn Mileham and David Morris of Trinity Partners handled the sale on behalf of the seller, Medalist Properties, located in Richmond, Virginia.
Located in the Stateline industrial submarket, the property consists of four multi-tenant office/warehouse buildings totaling 194,560 square feet and is situated off Arrowood Road at the intersection of Interstates I-77 and I-485. At the time of sale, the property was 98 percent occupied by more than 20 tenants.
“Investor appetite for the asset was strong, given the outstanding market fundamentals, and strong performance at the property,” said Dunn Mileham, Director of Investment Sales at Trinity Partners. “The highly accessible location combined with proximity to some of Charlotte’s more dense and affluent residential areas make the property a preferred location for service businesses.”
Trinity Partners’ successful track record at Arrowridge began over a decade ago and was originally led by Bill Wood, Director of Industrial Property Services as well as Heather Thompson, Partner and Director of Trinity’s Property Management team. Subsequent to Medalist’s purchase, William Maxwell, Industrial Property Broker, has overseen leasing at Arrowridge and has been instrumental in achieving 98 percent occupancy at the park.