Dealmaker: New York Life Real Estate Investors Originates $70M for Charlotte Offices
New York Life Real Estate Investors originated $70 million in acquisition financing for Morrocroft Centre, a Class A office park in Charlotte, N.C.
Preferred Office Properties, Atlanta, acquired the 290,600-square-foot Class A office park in Charlotte’s SouthPark submarket in December. Clarion Partners LLC, New York, sold the property. The Charlotte Business Journal reported POP paid $107.6 million for the Morrison Boulevard asset.
The three-building property on 12 acres is 90 percent leased to tenants in the financial services, technology, law, real estate and insurance industries.
New York Life Estate Investors Senior Director Randy Hall said the firm remains bullish on Charlotte, “with almost $900 million of debt and equity invested in the city.” The firm’s 10-year loan came with a fixed interest rate.
Preferred Office Properties President and CEO Boone DuPree called the acquisition consistent with POP’s strategy to acquire well-located Class A office assets in the Charlotte market, “and specifically in SouthPark where we now hold almost 40 percent market share of the top tier competitive set.”
This acquisition increased Preferred Office Properties’ portfolio to 3.2 million square feet. CBRE, Los Angeles, facilitated the sale. CBRE Executive Vice Presidents Patrick Gildea and Jay O’Meara, Vice Chairman Will Yowell, Senior Associate Matt Smith and Senior Financial Analyst Grayson Hawkins served as exclusive marketing agents.