Trinity Partners is pleased to announce the sale of Harris Corners Corporate Park in Charlotte, North Carolina, to Bridge Investment Group. Trinity Partners’ team marketed the property on behalf of the seller, an entity affiliated with New Boston Fund, based in Boston, Massachusetts. Bridge Investment Group is based in Salt Lake City, Utah.
Located in the Northeast/Interstate 77 submarket, Harris Corners consists of three multi-tenant, Class-A office buildings totaling 357,654 square feet. The buildings are prominently situated at the southeast corner of the Interstate I-77 / W.T. Harris Boulevard interchange. At the time of sale, the property was 84 percent occupied by more than 40 tenants.
“We invested in Harris Corners due to the terrific quality of both the asset and the rent roll. During ownership, we significantly enhanced the Park’s amenity offerings, state-of-the-art fitness facility and a self-serve Canteen food market. Thanks to the leasing efforts of Trinity Partners’ John Ball and Jennifer Kurz, we retained and expanded our high-quality tenant base. Dunn Mileham, David Morris, and the Trinity Partners Investment Property Sales team did an outstanding job, bringing multiple well-qualified investors to the table. We were delighted to sell Harris Corners to Bridge Investment Group. This is our third recent transaction with Bridge, each disposition process went very smoothly,” noted Jon Gillman, Senior Vice President with New Boston Fund.
“Investor participation in the process was very strong, given the outstanding market fundamentals and solid performance at the property,” said Mileham. “The highly accessible location, proximity to extensive retail amenities and residential areas make the property a preferred location for corporate users seeking to balance the live/work environment and attract talent. This is evidenced in both the credit quality and tenure exhibited in the rent roll.”
Trinity’s John Ball and Jennifer Kurz have leased the park on behalf of New Boston since early 2015 and have successfully negotiated more than 180,000 square feet of new and renewal leases. The team will continue to lease Harris Corners for Bridge.
“Non-CBD office vacancy is down dramatically since 2011 in large part because only 1.4 million square feet of new suburban product has been delivered, while 3.8 million square feet has been absorbed. The confluence of these trends has led to sustained rental rate growth since early 2013” said Kurz. “Achieved rental rates at the park have increased more than $3.00 per square foot since early 2015.”
About Trinity Partners
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with nine service lines ranging from investment sales and property management to landlord and tenant representation. Trinity currently leases and/or manages over 16 million square feet of space across the region through our three offices in Charlotte and Raleigh, North Carolina, and Greenville, South Carolina.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $8.85 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridge’s goal is to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed vehicles, co-investments, and joint ventures. Woven and intertwined with its buildings, people, and communities, Bridge transforms assets in a manner that maximizes their potential across all dimensions.