FOR IMMEDIATE RELEASE
Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners and Beacon Partners Enters the Charlotte Office Market
- Buchanan Fund provides $7.1 million of equity
- Buchanan structures $37.1 million office acquisition for Beacon Partners
Newport Beach, CA and Charlotte, NC (August 10, 2006) - Buchanan Street Partners, a national
real estate investment bank, announced today that it had funded the equity portion of $37.1 million in
total capitalization for Beacon Partners to acquire two suburban office parks in Charlotte, NC. Buchanan
completed the project's capitalization by funding the necessary equity through its own investment
assets and by arranging the underlying debt through its capital partner. Buchanan's Los Angeles office
arranged a $30 million non-recourse bridge loan with Wrightwood Capital, and Buchanan Fund V provided
$7.1 million in joint venture equity.
ArrowPoint Office Park, developed from 1985 to 1990, contains 392,000 square feet of office space and 11.79
acres of undeveloped land. The development is located near Interstate 77 in the same submarket as the
Charlotte-Douglas International Airport. The I-77 submarket, which stretches 10 miles between downtown
Charlotte and the South Carolina state line, represents the largest suburban office submarket in
Charlotte. "We wanted to invest in Charlotte because the region's job growth has outpaced the national
rate and its commercial real estate market has shown signs of recovery," said Robert Dougherty, senior
vice president of Buchanan's Investment Management team.
"We are excited to enable one of the region's premier developers to revitalize this importantly located
center, and be a catalyst for Charlotte's recovery," said John Rozelle, Buchanan's vice president in the
Los Angeles office. The I-77 Corridor submarket consists of almost 6 million square feet of multi-tenant
office space and represents 18 percent of the overall Charlotte market base.
About Buchanan Street…
Buchanan Street Partners is a real estate investment bank that provides
real estate capital for owners and developers. The firm makes principal equity investments for real
estate in a discretionary capacity, arranges debt and structured finance, is an investment manager
to institutional and private investors, offers investment sale brokerage services, and has a specialty
in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago
and Atlanta.
About Beacon Partners…
Beacon Partners is a real estate development and acquisition firm based
in Charlotte, North Carolina. The firm focuses on industrial, flex and office properties in the
Charlotte region. The company also has projects in South Carolina. Beacon Partners also provides leasing,
property management, accounting and construction management services. The firm has been in business since
1989. For more information,
visit www.beacondevelopment.com.
