CHARLOTTE—Adler Kawa Real Estate Advisors (AKREA) is beefing up its North Carolina portfolio, snapping up four office buildings at Oak Hill Business Park in Charlotte. The move comes a year after acquiring Charlotte's Carmel Executive Park.

Located within Charlotte's Interstate 77 Corridor, the buildings span 249,000 square feet of office space. Financial terms of the transaction were not disclosed.

“AKREA's acquisition of Oak Hill Business Park is a text book example of our approach to purchasing assets in growth markets at a favorable cost basis with an eye toward creating value,” says Matthew L. Adler, president and CEO of AKREA. “Our plan to make capital investments, coupled with our hands-on approach to leasing and management, will help boost occupancy and asset value over time.”

AKREA has its work cut out for it. Oak Hill Business Park is only 68% occupied.

Nevertheless, the principals are convinced they have identified a multi-tenant, management-intensive properties to which they add value. AKREA is planning to invest capital to make physical upgrades to the office buildings, including lobby renovations. Aggressive leasing and management strategy are also in the works.

Originally developed in 1989, the 67-acre Oak Hill Business Park has as strong tenant base from which AKREA can work. Current tenants include Walmart, Paychex, and Canon.

The buildings are home to over 30 national and regional tenants, with average suite sizes measuring less than 5,000 square feet. No one tenant accounts for more than 7.5% of the portfolio.

AKREA purchased the office portfolio through the Adler Kawa Real Estate Fund II from a private equity group. CBRE first vice president Patrick Gildea and vice president Ralph Oldham represented the seller in the transaction. Charles J. Foschini, vice chairman, and Christopher A. Apone, first vice president, in CBRE's Miami office, arranged the financing.