Bridge Office Fund Manager, an affiliate of Bridge Investment Group, has acquired the Harris Corners Corporate Park, a 358,000-square-foot, three-building, class-A office portfolio in North Charlotte for an undisclosed price.
The sellers New Boston Fund were represented by Trinity Partners.
The portfolio is well-located in the highly desirable and accessible Northeast/I-77 submarket.
The Harris Corners Corporate Park was built between 2000-2006, with the three buildings ranging in height from four-to-five stories, featuring an average floorplate size of 24,000-27,000 square feet.
The location itself has historically attracted high-quality companies seeking an urban-suburban location that has a 15-minute reverse commute to downtown Charlotte and offers a class A corporate environment without the inflated price tag of intown locations.
“Harris Corners is an exceptionally high-quality portfolio that is one of the most visible, and accessible, class A office buildings in suburban Charlotte,” said Jeff Shaw, principal with Bridge Office Manager and CEO of Bridge Commercial Real Estate, the office operating subsidiary of Bridge Investment Group. “Bridge intends to invest heavily into additional amenities, such as on-site training facilities and collaborative interior and exterior environments to compliment the new onsite health club, food service, and common area upgrades.”
The portfolio benefits from excellent visibility off I-77, and is directly inside the recently-completed I-485 loop, offering tenants nearby retail amenities, including Northlake Mall, which will soon undergo a $50 million expansion and redevelopment, Perimeter Woods, and Northcrest Shopping Center. There are several hotels within walking distance of the office park, as well as two high-end multifamily housing communities nearby.
John Ward, Principal and CIO of Bridge Office added, “With limited-to-no new construction activity in the north Charlotte pipeline, there will most certainly be additional tightening and near-term fundamental improvements in the submarket. Also, 11 of the current tenants, which account for roughly 160,000 square feet, are rated highly by Standard & Poor’s.”
The Harris Corners Corporate Park was built between 2000-2006, with the three buildings ranging in height from four-to-five stories, featuring an average floorplate size of 24,000-27,000 square feet, and above-market parking ratio of 4.6/1,000.
