Expanding its U.S. office holdings, Bridge Office Fund Manager LLC (Bridge Office), an affiliate of Bridge Investment Group LLC (Bridge), 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 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, and above-market parking ratio of 4.6/1,000. 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.
The sellers New Boston Fund were represented by Trinity Partners brokers Dunn Mileham and David Morris. Trinity Partners John Ball and Jennifer Kurz have been tapped to market and lease the project, while Bridge Commercial Real Estate will take over the property management.
About Bridge Office Fund Manager
Bridge Office Manager’s senior management team averages 25 years of experience in the office sector and has been instrumental in the financing, acquisition, leasing and management of 274 properties in the US, completing ~$3 billion of office transactions in prior ventures. The investment team has substantial access to off-market deal flow and in three predecessor funds acquired assets at a 53% average discount to replacement cost. The majority of these transactions were sourced through Bridge’s longstanding industry relationships with asset owners and the brokerage community.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $8.85 billionin assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridgeseeks to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed vehicles, co-investments, and joint ventures. Woven and intertwined with its buildings, people, and communities, Bridge transforms assets in a manner that maximizes their potential across all dimensions.
