Trinity Partners announces the sale of Packard Place
Charlotte, North Carolina – July 9, 2021 – Packard Place, a 95,128 SF, creative office building located in the Central Business District (CBD) of Charlotte, North Carolina, has officially sold to an entity affiliated with Northpond Partners, a Chicago-based real estate investment firm. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, Packard Place Properties, LLC, an entity owned by Sara and Dan Roselli.
“Sara and I are thrilled to see the continuation of Packard Place’s mission in our community to be the Uptown innovation campus,” said Dan Roselli, Co-founder of Packard Place. “This transaction will advance that vision and allow Northpond Partners to bring professional management and additional capital and resources while allowing us to stay in the deal and continue our mission and work.”
At the time of sale, the property was approximately 60% occupied. After purchasing the property in 2010, the Roselli’s founded The Garage at Packard Place, a non-profit with the mission to create and foster the development of Charlotte’s entrepreneurial community by providing access to technology, education, and hands-on assistance to help business partners and start-ups design, build, market, and deliver innovation and solutions. Packard Place has also served as home to many established businesses, including the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee, and Ink n Ivy, among others.
“Investor interest in the property was very strong given Packard’s enviable location overlooking Romare Bearden park, as well as the singular opportunity to transform a unique, mixed-use project in Charlotte’s urban core,” said David Morris, Director, Investment Sales at Trinity Partners. “Sara and Dan purchased the property at an exceedingly opportune time in 2010. Their vision allowed them to establish a home for the entrepreneurial and fin-tech communities in Charlotte, and in doing so secure a front row seat to the CBD’s incredible growth.”
Trinity Partners’ Office Leasing brokers Maddy Howey and Tim Arnold leased the property on behalf of the Roselli’s and will continue in their leasing roles under Northpond’s ownership. Trinity Partners Property Management has also been retained by Northpond to manage the property. For more information or to tour Packard Place, please contact Maddy Howey (704.295.0448) or Tim Arnold (704.295.0404).
ABOUT PACKARD PLACE
Packard Place is one of Charlotte’s most successful social entrepreneurship companies and is the hub of like-minded creatives sharing skills and business opportunities in the city. Serving as a community center for entrepreneurial activity in the heart of the city, it allows access to technology, education, and hands-on assistance to help business partners and start-ups design, build, market, and deliver innovation and solutions. https://www.packard.place/
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 more than 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 NORTHPOND PARTNERS
Northpond Partners focuses on the acquisition, development, and redevelopment of retail and mixed-use real estate located in select urban and suburban markets domestically.
Leveraging decades of expertise and relationships, Northpond targets value-add and opportunistic investment strategies. Through a hands-on management approach, Northpond is able to reposition, remerchandise or redevelop real estate – increasing net operating income and maximizing value from the property level up. www.northpond.com
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