HFF announces the $49.3 million sale of a three-building industrial portfolio totaling 670,536 square feet located in the Triad region of North Carolina. The sale represents the first tranche to close of a larger 1.1 million-square-foot portfolio.
HFF, along with Triad Commercial, represented the seller, McConnell Center Associates. New York Life Insurance Company purchased the assets.
The first tranche includes three buildings in McConnell Center, a Class A, master-planned industrial park totaling over 1 million square feet at the intersection of Interstates 85 and 40, two of the country’s top industrial arteries. McConnell Center has attracted an outstanding credit tenant roster that includes General Dynamics (NYSE:GD), Performance Food Group (NYSE:PFGC), Wayfair (NYSE:W), and Coca-Cola Bottling (NASDAQ:COKE). Situated at 4751, 4755 and 4754 McConnell Center Drive, the buildings are in the SE Guilford County Industrial submarket, an extremely tight submarket that is 97.5% occupied. The properties are approximately 20 miles from Piedmont Triad International Airport and the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub.
The HFF investment advisory team representing the seller consisted of director Patrick Nally and senior managing director Chris Norvell along with Tom Townes and John Schultz with Triad Commercial.
Holliday GP Corp. is a North Carolina licensed real estate broker.
About McConnell Center Associates
McConnell Center Associates is an affiliation of North Carolina LLC’s led by long-time local developer, Pete Goria in partnership with Buddy Seymour of Windsor Commercial. Pete Goria has a track record of developing and delivering successful industrial projects in the Triad area during a career spanning more than 50 years.
About New York Life Insurance Company
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/19. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
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 visit hfflp.com or follow HFF on Twitter @HFF.
About Triad Commercial
Triad Commercial Properties, LLC, founded in 1999, is a full service industrial and office brokerage firm with offices in both Greensboro and Winston-Salem, North Carolina. The firm has handled the marketing of McConnell Center since the inception of the first building in 2007.
