Trinity Capital Purchases and Closes on an Additional Office Building in Toringdon Office Park
October 10, 2012
Charlotte, NC – October 10, 2012 – Trinity Capital Advisors is pleased to announce an additional acquisition in South Charlotte’s Toringdon Office Park with today’s purchase of Toringdon 1 and the park’s three-level parking garage. The purchase was made through a joint venture between Trinity Capital, Stockbridge Capital Group, and Madison International Realty. The same joint venture group acquired Toringdon 6, 8, and 12 acres of land as recently as two months ago.
“This acquisition is the next step in our long term plan to recapitalize and reposition Toringdon Office Park,” commented Trinity Capital’s Walker Collier. “These assets are high-quality, in our target submarkets, and present opportunity for value-added growth.”
Currently 73% occupied, Toringdon 1 is a 90,000 SF Class A building located at 3420 Toringdon Way. Tenants include Ally Financial and AT&T / Yellow Pages. The 560-space parking garage currently serves the tenants of Toringdon 3 and 5. The six-building Toringdon Office Park is a mixed-use master planned development, conveniently positioned at the gateway to Ballantyne with unimpeded, immediate access from I-485.
“We are tremendously proud of our recent Toringdon acquisitions,” noted David Allen, Partner at Trinity Capital. “We will continue to pursue additional acquisitions within the park and look forward to developing Toringdon as a premier destination for Charlotte’s office park tenants.”