Recently renovated Carmel Park I and II positioned for long-term success.
ATLANTA – OA Development, a privately-held commercial real estate firm, announces the acquisition of Carmel Park I and II in Charlotte, North Carolina for $36,175,000. The two-property, Class B+ portfolio represents 173,068 square feet of office space in one of Charlotte’s fastest growing office submarkets. The transaction closed October 25.
Located at 11111 and 11121 Carmel Commons Boulevard just minutes from Interstates 485 and 77, these buildings are 93% occupied with a diverse mix of 45 tenants who have staggered lease expirations. Tenants includes health care, real estate, financial services, engineering, insurance,
technology and other professional services.
OA Development entered the North Carolina market more than 20 years ago and now owns thirteen properties totaling nearly one million square feet. “Our long-standing presence and success in North Carolina prompted us to seek opportunities in Charlotte which is recognized for its healthy population and job growth, highly-educated graduates and great quality of life,” says Steve Berman, founder and partner, OA Development. “Given these characteristics combined with the strength of the office market, we anticipate this portfolio will garner a strong return and we remain bullish on North Carolina due to its projected continued growth,” continues Berman.
Carmel Park’s excellent location and over $4 million in recent capital improvements deliver a superior workplace environment that supports leasing momentum. Affordable, market rents make this in-fill location an attractive alternative to competitors in the book-end submarkets.
Charlotte, whose MSA is comprised of 10 counties spanning portions of both North and South Carolina, is now the 17th largest city in the United States and has been one of the fastest growing markets in the country over the past two decades. Charlotte is recognized as one of the world’s major financial centers and the regional economy is characterized by a talented labor pool, a strong manufacturing and distribution market and a rapidly emerging energy industry.
“Carmel Park is poised for rental rate growth and long-term success and we anticipate more deals in the North Carolina market that garner nice returns for our investors,” concludes Berman.
JLL represented the seller, CapRidge Partners, LLC, and procured the buyer, OA Development. The JLL Capital Markets team representing the seller included Senior Managing Director Ryan Clutter, Senior Director Chris Lingerfelt, Managing Director Scot Humphrey, and Director Zack Drozda.
About OA Development
Founded in 1993, OA Development is a privately-held, integrated commercial real estate firm that invests in and manages office assets throughout the Southeast currently valued at $325 million. The company’s expert team curates sound investments, operates with transparency, sustains loyal partnerships and captures consistent value and has raised more than $120 million in capital/equity to acquire opportunistic commercial real estate.