Perimeter Woods Business Park sells to Stockbridge Capital Group
September 11, 2014
Perimeter Woods Business Park is located directly across from Northlake Mall and off of I-77 at exit 18 at the Harris Boulevard interchange. The 313,407 SF Park is 81% occupied. Notable tenants include the American Red Cross, Black & Decker, and the Charlotte Observer.
Dunn Mileham, Trinity Partners’ Director of Investment Sales, brokered the sale on behalf of the owners, Perimeter Woods Business Park, LLC (a joint venture between Trinity Capital Advisors, Core Properties, and Collet). Stockbridge was unrepresented.
“When we bought the park and land in 2002, Northlake Mall was just a rumor,” said Gary Chesson, Founding Partner at Trinity Capital. “It’s terrific to see everything come together into a true live-work-play environment,” added Chesson.
Trinity Capital purchased Perimeter Woods Business Park and 68 acres of adjacent land in 2002. In 2004/2005, the firm rezoned the land and from 2006 to 2008 began developing the successful mixed-use development to include Class A office, retail, and multi-family.
PERIMETER WOODS TIMELINE
Trinity Capital purchased Perimeter Woods Business Park and 68 acres of surrounding land
Began rezoning the land for retail, office and multi-family
Developed 300,000 SF retail component (100% occupied to national retailers including Lowe’s, Best Buy, Office Max, and Off Broadway Shoes)
Developed the Class-A Linville Building
Sold eight acres of land to multi-family developer Wood Partners who then developed the Phase 1, 200 unit multi-family complex
Sold the retail development to Inland Diversified Real Estate Trust
Sold remaining 11 acres of land to Wood Partners, Phase 2 apartments developed
Sold the 96% occupied Linville Building to Agellan Capital Partners
Sold the 313,407 SF business park to Stockbridge