News Southwest Charlotte’s Arrowridge Business Park sells to Medalist Properties

Mar 10, 2014

8301 Arrowridge DriveFour flex buildings totaling approximately 200,000 SF recently sold for $11.1 million to Virginia-based Medalist Properties. Trinity Partners’ Dunn Mileham represented the buildings’ owners, a Florida-based investor group.

Trinity Partners leased and managed the portfolio for the past eight years, and Medalist Properties has retained Trinity to continue leasing the buildings. Medalist has in-house property management services.

The buildings, 8107, 8227, 8301, and 8041 Arrowridge Boulevard, benefit from a strong tenancy, including Hobart Corporation, Bonsal American, Sears Home Improvement, CentiMark Corporation, and Miller Electric Company, and an ideal location at the intersection of I-77 and I-485. The portfolio is currently 83% occupied, outperforming the market’s 81% occupancy rate.

“This portfolio attracted strong investor interest from leading regional and national owners,” said Mileham. “The location is irreplaceable, and the park’s recent leasing activity indicates that demand for this type of property is on the upswing. It’s a good time to buy, as rents should start to appreciate.”

“Arrowridge features highly functional space, and we’re competitively priced in relationship to newer flex properties,” said William Maxwell, Trinity’s leasing agent. “Over the last year, we’ve signed five new deals for over 34,000 SF. That’s a clear signal that product demand is improving, and I’m looking forward to working with the new owners to continue Arrowridge’s leasing success.”

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8107 Arrowridge Boulevard

8227 Arrowridge Boulevard

8301 and 8041 Arrowridge Boulevard are 100% occupied.