HFF announces the $49.2 million sale of RiverOaks Corporate Center, a two-building, Class A industrial park totaling 453,206 square feet in addition to three land sites for future development in the northern Charlotte suburb of Concord, North Carolina.
The HFF team worked in conjunction with Pete Pittroff of Jones Lang LaSalle in Charlotte to represent the seller, Beacon Partners. Exeter Property Group purchased the asset.
RiverOaks Corporate Center currently comprises the 143,670-square-foot 800 Derita Road and the 309,536-square-foot 8475 Automation Drive buildings in addition to three pre-graded development sites at 700 Derita and 8400 and 8500 Automation, which would add another 892,997 square feet to the park and bring its total to a potential 1.35 million square feet. Completed in 2016, the existing Class A buildings feature best-in-class construction with 24- to 32-foot clear heights. Situated on 119 acres in Charlotte’s Cabarrus County submarket, the center is adjacent to Concord Regional Airport and is located along Interstate 85, the industrial backbone of the Southeast, providing seamless regional connectivity to major population hubs between Atlanta and Washington, D.C. Additionally, RiverOaks Corporate Park is less than 20 miles from downtown Charlotte and 23 miles from Charlotte Douglas International Airport via Interstate 485, which is three miles from the property.
The HFF investment advisory team representing the seller consisted of senior managing director Chris Norvell and director Patrick Nally, who partnered with managing director Pete Pittroff from JLL to market the property.
According to Exeter Property Group, RiverOaks Corporate Center provides Exeter Property Group with a state-of-the-art, Class A distribution park to better serve its expanding global base of tenants. With this acquisition, Exeter Property Group now owns more than eight million square feet in the Carolinas and three million square feet in the Charlotte area.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About Beacon Partners
Beacon Partners is a Charlotte-based commercial real estate firm specializing in the development, acquisition, leasing and management of industrial and office properties. Beacon Partners leases and manages over 9.5 million square feet of space throughout the Carolinas. For more information on Beacon Partners, please visit www.beacondevelopment.com or call (704) 597-7757.
About Exeter Property Group
Exeter Property Group is a real estate investment manager focused on industrial properties and portfolios across North America and Europe. As hands-on operators, Exeter’s experienced team of real estate experts acquires, develops and manages big box warehouse, multi-tenant logistics and select suburban and urban office and multi-family properties out of multiple regional offices. Its combination of local execution and national scope allows Exeter to construct diversified, high-performing portfolios to deliver superior real estate solutions to its tenants and to deliver proven risk-adjusted returns to its investors. For more information, visit http://exeterpg.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.
