(3.5.18) OA Development Buys 5-Building Office Portfolio in The Park – Huntersville in Charlotte for $62.5M

(Blau Journal, March 5, 2018)

HFF announces the $62.5 million sale of a five-building, Class A, multi-story office portfolio totaling 395,586 square feet within the Charlotte-area community of Huntersville, North Carolina.

The HFF team marketed the property on behalf of the seller, U.S. Trust – Bank of America, N.A., as Trustee, and procured the buyer, OA DevelopmentThe Spectrum Companies has retained leasing and management of all the properties involved in the sale.

The five buildings comprising the portfolio include The Alexander Building at 13620 Reese Boulevard East; The Kemp Building at 13801 Reese Boulevard West; The Latta Building at 9930 Kincey Avenue; The Reed Building at 9920 Kincey Avenue and The Storrs Building at 10115 Kincey Avenue. Overall, the properties are 91 percent leased to tenants, including Stanley Black & Decker, Amerock, Apex Tool, Ensemble Health Partners and Kellogg’s. Situated within The Park – Huntersville, one of the largest mixed-use developments of its kind in the Charlotte region, the portfolio provides immediate access to all major thoroughfares in the Charlotte region, including Interstates 77, 485, 85 and 40.

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey and director Chris Lingerfelt.

“The sale of these high-quality, multi-story office buildings in The Park – Huntersville, signifies yet again the strength and appeal of the Charlotte office market from investors,” commented Clutter. “The North Charlotte marketplace, in particular, has seen steady leasing demand and strong growth and investors are now taking note.”

“WITH THIS TRANSACTION WE HAVE NOW COMPLETED THE SALES OF ALL OF THE EXISTING OFFICE AND INDUSTRIAL BUILDINGS OWNED BY BANK OF AMERICA, AS TRUSTEE IN THE PARK – HUNTERSVILLE, WITH THE FIRST OF THE FOUR TRANSACTIONS CLOSING LESS THAN 10 MONTHS AGO,” ADDED CLUTTER. “ALL FOUR OFFERINGS EXPERIENCED SIGNIFICANT INTEREST, WHICH IS A TESTAMENT TO THE QUALITY OF THE PARK AND THE APPEAL OF THE CHARLOTTE MARKET. WE BELIEVE INVESTMENT CAPITAL IS GOING TO CONTINUE TO AGGRESSIVELY SEEK CHARLOTTE OPPORTUNITIES THROUGHOUT 2018.”

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