AIG, Trinity Capital Acquire Toringdon Office Park
December 4, 2015
Reposted from the Charlotte Business Journal (December 4, 2015)
Insurance company American International Group Inc. (AIG) and Trinity Capital Advisors have agreed to purchase the six-building Toringdon office park in south Charlotte for $114 million, according to real estate sources.
Charlotte-based Trinity Capital and its joint-venture partners, Stockbridge Capital Group and Madison International Realty, listed the park for sale this summer.
Walker Collier, a partner at Trinity Capital, declines to comment on AIG but confirms the Charlotte firm was asked to remain in the ownership group as an operating partner after the buyer was selected by Stockbridge.
The acquisition is expected to close as soon as this afternoon.
The Toringdon development on Johnston Road at Interstate 485 totals 519,602 square feet and is roughly 88% occupied
The Trinity Capital joint venture began investing in the formerly distressed park in 2012, completing its acquisition of the last two buildings in 2014. Prior to listing the park for sale, the owners had leased or renewed tenants for 85,000 square feet of space and recently added an open green space at the center of the park.
Toringdon’s largest tenants include Selective Insurance, Crown Castle, Heartland Payment Systems, and TIAA-CREF.