Perimeter Woods Business Park and Harris Corners Corporate Center acquired by Adler Real Estate
A 518,300 square foot, eight building light industrial portfolio located in the North Charlotte industrial submarket in Charlotte and Huntersville, North Carolina, has officially sold to an entity affiliated with Adler Real Estate Partners, Trinity Partners is pleased to announce. Dunn Mileham, David Morris and Bill Wood of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Stockbridge, a real estate investment firm with offices in Atlanta, Chicago, and San Francisco.
At the time of sale, the three-park portfolio was approximately 81% occupied. After purchasing the properties in 2014, Stockbridge executed an extensive capital improvement and leasing plan to capitalize on growth surrounding the portfolio’s high-quality locations on/near W.T. Harris Boulevard, I-485, and I-77 in Charlotte, and Sam Furr Road/Hwy 73 in Huntersville. Immediate access to major interstates, abundant amenities adjacent to the properties, and proximity to key demand drivers, including Lowe’s Home Improvement’s corporate headquarters and decision-maker housing surrounding Lake Norman, position the properties for continued growth and excellent performance.
“Stockbridge’s success at Perimeter Woods Business Park, Harris Corners Corporate Center, and Northcross Center offers a prime example of how the combination of residential growth, infrastructure, and commercial development coupled with a strategic, well-executed investment plan creates a platform for stability and strong performance. Trinity Partners’ execution of our management and leasing strategy was essential to the substantial value we created,” said Jim Quilty, vice president at Stockbridge. Trinity Partners managed and leased each of the portfolio properties on behalf of Stockbridge.
“Investor interest in the portfolio was very strong given each asset’s trophy location, high-quality tenancy, well-maintained and functional construction, as well as the dense amenities surrounding the parks,” said Dunn Mileham, Division Partner, Investment Sales at Trinity Partners. “Stockbridge knows the Charlotte market extremely well and has been particularly adept at identifying opportunities early in the cycle. David and I were encouraged by the depth of the buyer pool and the continued commitment to Charlotte the investment community demonstrated, despite COVID related setbacks. Trinity Partners’ Bill Wood will continue in his leasing role at the parks and looks forward to working with the Adler team to see its vision for the investment realized.”
Trinity Partners has been retained by Adler Real Estate Partners to continue providing leasing services. For more information or to tour Perimeter Woods Business Park, Harris Corners Corporate Center or Northcross Center, please contact Bill Wood (704.295.0445).
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