Northwood Investors buys North Carolina office park for $1b

Northwood Investors has acquired a majority stake in the Ballantyne Corporate Park, located in Charlotte, N.C. The seller was The Bissell Cos. Terms of the sale were not released; however, the sales price is estimated to be more than $1 billion.

Ballantyne Corporate Park is a 535-acre, master-planned business community, which includes more than 4.5 million square feet of class A office and medical space, four hotels, undeveloped land, and a golf course. Not all of the buildings will be sold to Northwood Investors. Current office tenants at Ballantyne Corporate Park include MetLife, Wells Fargo, Premier, TIAA, Liberty Mutual, Snyder’s-Lance, Synchrony Financial, Sonic Automotive, XPO Logistics and Siemens.

According to a Charlotte (N.C.) Business Journal article, the following is a breakdown of the transactions:

Office and medical