News Perimeter Woods Business Park bought by Stockbridge Capital Group

Sep 11, 2014
Perimeter Woods Business Park bought by Stockbridge Capital Group

Trinity Partners is pleased to announce the sale of Perimeter Woods Business Park, a four building, Class A office / warehouse park in the heart of North Charlotte. Stockbridge Capital Group’s purchase of the park expands their Charlotte portfolio, which currently includes South End’s Steel Yard, South Charlotte’s Toringdon, Elizabeth’s Venue Apartments, Concord’s Afton Ridge, and six industrial buildings in Northcross Center, Harris Corners, and Harris Ridge.

Dunn Mileham, Trinity Partners’ Director of Investment Sales, brokered the sale on behalf of the owners, Perimeter Woods Business Park, LLC, a joint venture between Trinity Capital Advisors, Core Properties, and Collet. A part of the Perimeter Woods mixed-use development, Perimeter Woods Business Park is located at the corner of I-77 and Harris Boulevard, directly across from Northlake Mall. The 313,407 SF park is 81% occupied and includes notable tenants such as the American Red Cross, Black & Decker, Solstas Lab Partners, and Champion Window.

This is Trinity’s second sale within the Perimeter Woods development. In January, the park’s Class A office, The Linville Building, was sold to Agellan Capital Partners.

“We’re seeing improving momentum in the office / warehouse sector,” noted Mileham, who also sold Arrowridge Business Park in February. “Vacancy has been on a steady decline since early 2011 and rental rates are approaching pre-recession levels. Bulk distribution is experiencing all-time low vacancy rates, and with the improving economy we’d expect to see office / warehouse metrics continue to improve.”

Trinity Partners will continue to lease and manage the property on behalf of the new owner. Bill Wood is responsible for leasing, and Laura Baccich serves as Property Manager.