Northwood Investors Spends Cool Billion-Plus For Ballantyne
Northwood Investors returned to Charlotte recently to land a particularly large trophy for some serious coin. The investor acquired most of Ballantyne Corporate Park, a total of about 4M SF, along with four hotels totaling 600 rooms, a golf course and hundreds of acres of undeveloped land, paying about $1.2B, according to the Charlotte Business Journal.
"This transaction represents one of our largest acquisitions to date and reinforces our commitment to Charlotte," Northwood president and CEO John Kukral said.
Northwood bought the properties from The Bissell Cos., which first broke ground for the master planned Ballantyne in the 1990s, and has developed, leased and managed most of it since then. Tenants at the property include TIAA, Liberty Mutual, Synchrony Financial, Wells Fargo, MetLife, Siemens and a good many others.
Wells Hill Partners, led by Peter Gevalt, advised Bissell, while HFF's Travis Anderson facilitated financing. Simpson Thacher & Bartlett LLP in New York,and Nelson Mullins Riley & Scarborough LLP in Charlotte advised Northwood.
Northwood has done deals in its hometown of NYC, as well as Chicago, LA and Charlotte.