Toringdon

Toringdon

Toringdon sign Johnston Rd
Location	3540 Toringdon Way, Charlotte, North Carolina United States
Status	Complete
Website	www.trinity-partners.com/listings/toringdon-7
Technical details
Buildings	Toringdon 1, Toringdon 2, Toringdon 3, Toringdon 4, Toringdon 5, Toringdon 6, Toringdon 7, Toringdon Market, Toringdon Circle, Atkins Circle, Homewood Suites Ballantyne, Hampton Inn and Suites Ballantyne, The Lowrie
Size	270 acres (110 ha)

Toringdon is a mixed use development in the Ballantyne neighborhood of Charlotte, North Carolina with two distinct parts, a 160 acre office park and retail area on the east side of Johnston Rd that is composed of a 716,000 square feet of office space, a 245 unit apartment complex, 60,000 square of retail, and a 120 room hotel. The second part is a 110 acre mixed use development on the west side of Johnston Rd that includes 140,000 square of retail, a 120 room hotel, and a 800 unit apartment complex. The office park was originally developed by Lichtin Corp., a Raleigh based developer, as a 160 acre master planned development starting in 2000. Continental Communities Ltd., based in Columbus Ohio, in 2001 started planning a mixed used development called Atkins Circle.

In the Fall 2002 three distinct project emerged from the original Atkins Circle vision. The first is the apartment complex. The second is the retail part of 110 acre development became known as The Streets of Toringdon. The third is Toringdon Market, the retail section next to Toringdon office park, which is part of the 160 acre Toringdon Office Park across Johnston Rd. All three were developed by Continental.

Toringdon Office Park

Toringdon Office Park is managed by Trinity Partners. It includes 7 office buildings totaling around 716,000 square feet. The development offers amenities such a 4,000 square foot fitness center and a pocket park called The Green. As of June 2018 95% of the available was leased by tenants including BlueCross Blue Shield, Coats, Coldwell Banker, Crown Castle, Harsco Rail, Keller Williams, Novolex, Pepsi, Regus, Selective Insurance Co., Heartland Payment Systems and TIAA. The development also includes Toringdon Market, a 120 room Hampton Inn, and The Lowrie 245 unit apartment complex which was purchased by Redwood Capital in July 2019. The office park takes up about half of the 160 acres of space in the mixed use development which is wedged between N Community House Rd, Johnston Rd, and I-485. Trinity Partners is based in Uptown Charlotte. They manage a number of large buildings in Charlotte such as 400 South Tryon, One South at The Plaza, BB&T Center.

The first building in the office park was opened in 2001 with GMAC, now Ally Financial, as the first tenant, after leaving its previous SouthPark office. However, GMAC announced in 2009 that they would be anchoring 440 South Church, leasing 106,000 square feet. The original 6 buildings totaled 518,000 square feet. They were built between 2001 and 2008. The final building, Toringdon 7, a 8 story 198,000 square building was completed in 2019. Trinity Capital, a sister company of Trinity Partner, has owned the office park since 2012. At the time it purchased buildings 3 and 5 in a venture with Stockbridge Capital Group and Madison International Realty. The property was previously in foreclosure proceeding initiated by Bank of America. Walker Collier, managing director of Trinity Capital, stated that the firm had been following Toringdon for two years and the acquisition is part of Trinity's strategy of purchasing high quality real estate in distress. He further stated “We think it’s some of the best suburban office in the region, and it’s within a fantastic submarket that has grown throughout the downturn. We’ve wanted to be a part of it for a long time, and we’re grateful to be buying such high quality assets within that submarket.” As of 2014 Trinity Capital Advisors, Stockbridge Capital Group, and Madison International Realty own all buildings The final 2 buildings of the original 6 were purchased by the 3 companies in 2014 for $20 million. The individual purchases in this transaction were Toringdon 3 for $11 million and Toringdon 5 for $9 million. Walker Collier, managing director of Trinity Capital, had this to say about the transaction "Ownership of Toringdon 3 and 5 completes our long-term plan to recapitalize the entire office park. Now we’ll continue our improvements to the park as we shift focus to development, taking advantage of the new Johnston Road flyover and soon-to-open Community House Road extension. Both will dramatically increase Toringdon’s accessibility, traffic flow and visibility.”

In September 2019 Toringdon was put on the market by JLL. Trinity Capital Advisors and American International Group have owned the entire office park since 2015. The square footage of all seven buildings totals 721,597. After a few weeks on the market it attracted some high quality institutional foreign investors. The office park could potentially sell for $245 million. Ryan Clutter, senior managing director of JLL, believes that the Toringdon listing is strong since their is a lack of land to develop in the submarket, the quality of the buildings, and the plans Northwood Ravin has for the Ballantyne Corporate Park.

Toringdon 7

Toringdon 7, the final and largest building of the Toringdon complex broke ground in July 2018. The estimation completion date is the summer of 2019. Trinity Capital Advisors, tockbridge Capital Group, Madison International Realty will also own the building as they joint own all of the 6 original buildings. Rhea Greene of Trinity Partners stated this about the need for the building "After five years of working on Toringdon, we’ve watched this submarket continue to grow at a record pace. The existing six buildings have consistently outperformed the market, and continued interest in the park unquestionably supports Toringdon 7’s development." While the building was still under construction two major tentants signed on Global Payment Systems, a third-party payment processing provider planning to occupy 3 floors with 76,000 square feet of space. The second is Hearst Communications. Hearst moved out of Truist Center after Truist Financial announced they would be occupying 60% of the space in the building formerly known as Hearst Tower. The company moved it's 350 employees into the building in early 2020. Leidos, a defense, aviation, information technology, and biomedical research occupies 34,000 square feet of the building. In addition to the main tenants of the building Venture X, a co working company, will occupies 25,000 of the building. The company is able to offer private offices and 22 desks. Jason Anderson, president of Venture X, said this about the new co working location "The evolution of shared workspaces is the future of the nation’s workforce and we are extremely pleased to become a part of Ballantyne’s entrepreneurial spirit".

The completed building in May 2021

Toringdon Circle, Toringdon Market, Atkins Circle

In 2001 the 110 acre site of Toringdon Circle was vacant area of grassland near the Interstate 485 exit serving Ballantyne. At that time there were very few pieces of land that large available in South Charlotte. It would be similar to the exist Charlotte South development Phillips Place. The original plan was 108,000 square feet of office space and 800 apartments. Atkins Circle was designed to encourage walkable to shops and restaurants creating a neighborhood atmosphere. By 2012 The Streets of Toringdon was renamed Toringdon Cirle. In that same year a 14,000 square foot two story medical building was developed to house Sharma's Oral Facial and Implant Surgery Center. Currently Toringdon Cirle contains 140,000 square feet of retail which include Pike's Family Nursey, Hickory Tavern, and Cantina 1511.

In 2013 Charlotte hotel investor Tara Investments purchased 7.5 acres in Toringdon Circle from Nationwide Realty Investors for $1.8 million. The site was rezoned to allow for a hotel in order to build a new 120 room Homewood Suites hotel. When it was completed in 2014 it was the first Hilton brand hotel in Ballantyne. The hotel amenities include a fitness center, outdoor pool, basket ball court, a home office, and meeting space.

The apartments of Atkins Circle opened in phases. The first phase with 316 opened in the Spring 2004 and the final phased delivered in 2006. The apartment complex costed $70 million to develop. It is a mixiture of small surburan style scattered buildings and a few more urban, denser, and larger buildings.

See also

• List of tallest buildings in Charlotte, North Carolina
• Truist Center
• Hearst Communications
• Leidos
• 440 South Church
• Ballantyne (Charlotte neighborhood)
• List of Charlotte neighborhoods

Others articles of the Topic United States : The Adventures of Jimmy Neutron, Boy Genius, Hazbin Hotel, MTV, Zoot (Software), Public figure

References

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