Trinity Partners announces the sale of Harris Ridge Business Park
Charlotte, North Carolina – Tuesday, Nov. 16, 2021 – Harris Ridge Business Park, a 160,355 SF, two building flex-industrial park located in the North Charlotte industrial submarket in Charlotte, North Carolina, has officially sold to an entity affiliated with Hamilton EQ, 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 two-building park was approximately 21% occupied. “Despite the current vacancy, Harris Ridge has been a market leading asset for years, experiencing 98% average occupancy from January 2014 to mid-2019. Much of the current vacancy was created as a few larger tenants relocated to traditional office buildings or true industrial assets, a fact which only serves to highlight the utility of the assets,” said Dunn Mileham, Division Partner, Investment Sales at Trinity Partners.
After purchasing the properties in 2014, Stockbridge executed an extensive management and leasing plan to capitalize on growth surrounding the property’s high-quality location on W.T. Harris Boulevard, I-485, and I-77 in Charlotte. 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 Harris Ridge 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 the property on behalf of Stockbridge.
“Investor interest in the park was very strong given the asset’s location, high-quality tenancy, well-maintained and functional construction, as well as the dense amenities surrounding the parks,” said Dunn Mileham. “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 Hamilton EQ team to see its vision for the investment realized.”
“We are very excited about the opportunity to purchase this institutionally run asset continuing the expansion of our ownership presence in the South East, and specifically Charlotte,” said Malkiel Svei, Hamilton EQ COO. “Jim Quilty and the Stockbridge team were a pleasure to work with.”
Trinity Partners has been retained by Hamilton EQ to continue providing leasing services. For more information or to tour the property, please contact Bill Wood (704.295.0445). `
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $24.9 billion of assets under management (as of September 30, 2021) spanning all major real estate property types and certain specialty property types, throughout the United States. www.stockbridge.com
ABOUT TRINITY PARTNERS
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. They are known for their entrepreneurial spirit, best-in-class performance, and respected team of commercial real estate professionals, who are directly responsible for the company’s success and collaborative culture. The firm currently leases and/or manages over 22 million square feet of office, industrial, mixed-use, and retail space across the region through their four offices in Charlotte and Raleigh, North Carolina, and Columbia and Greenville, South Carolina.
ABOUT HAMILTON EQ
Hamilton EQ is a multi-generational commercial real estate company built on generations of trust and integrity. Founders Malkiel Svei and Pinny Borenstein are preserving this tradition in their relationships with tenants and partners alike. Solid projections and innovative strategies have led to the development of a thriving, successful company that owns and operates an institutional-quality portfolio of high-performance, high-visibility properties throughout the United States. Hamilton EQ is a firm of long-term investors in both commitment to assets and in relationships with local stakeholders.
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