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Bridge Investment Group Closes on 358,000-SF Harris Corners Corporate Park in Charlotte

New Boston Fund Sells Three-Bldg. Campus
November 27, 2017
Bridge Investment Group, a Sandy, UT-based real estate investment manager with roughly $8.85 billion in assets under management, is the new owner of the Harris Corners Corporate Park in Charlotte, NC after completing a deal with New Boston Fund to acquire the park, the third recent transaction between the two firms.

The 357,654-square-foot, Class A Harris Corners campus is comprised of three mid-rise office buildings located on the southeast corner of the I-77 / W.T. Harris Blvd. interchange at 9115, 9300 and 9335 Harris Corners Pky.

Currently 84% leased, the park is home to more than 40 tenants including Polymer Group, Octagon, Elevation Real Estate Group, GCG Wealth Management and Dewberry. The three buildings were completed in 2000, 2002 and 2006, respectively, and range from four to five stories.

Jon Gillman, senior vice president with New Boston Fund, noted that the firm originally invested in Harris Corners due to the quality of both the asset and the rent roll. After acquiring the park, the firm significantly enhanced the park’s amenity offerings, fitness center and a self-serve Canteen food market, he added.

Dunn Mileham, David Morris, Mark Alviano, Jennifer Kurz and John Ball of Trinity Partners negotiated the transaction for New Boston Fund. Ball and Kurz, who have negotiated more than 180,000 square feet of new leases and renewals at Harris Corners since 2015, will continue to market and lease the office park on behalf of the new owner.

"Non-CBD office vacancy is down dramatically since 2011 in large part because only 1.4 million square feet of new suburban product has been delivered, while 3.8 million square feet has been absorbed. The confluence of these trends has led to sustained rental rate growth since early 2013," said Kurz. "Achieved rental rates at the park have increased more than $3 per square foot since early 2015."

Bridge Commercial Real Estate will manage the park on behalf of the new owner. For more information on this transaction, please see CoStar COMP #4064447.
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