OA Development Acquires Charlotte Office Portfolio
The recently renovated Carmel Park I and II were purchased in a $36 million transaction.
CHARLOTTE, NC – OA Development has acquired a Charlotte, NC office portfolio in a $36,175,000 transaction.
The two-property, class-B+ portfolio consists of Carmel Park I and II, located at 11111 and 11121 Carmel Commons Boulevard in the rapid-growing office submarket. Situated near both I-485 and I-77, the properties encompass 173,068 square feet of office space.
The space is currently 93% occupied by a mix of 45 tenants from various industries, including healthcare, real estate, financial services, engineering, insurance and technology.
The Carmel Park properties recently received more than $4 million in capital improvements.
JLL procured OA development as the buyer in the transaction, which closed on October 25th. JLL capital markets team of senior managing director, Ryan Clutter, senior director, Chris Lingerfelt, managing director, Scot Humphrey and director, Zack Drozda, represented the seller, CapRidge Partners LLC.
Charlotte’s metropolitan area is comprised of 10 counties, which span both North Carolina and South Carolina. The city now serves as the 17th largest city in the US. OA Development anticipates a strong return on investment due to the rapid growth of the office submarket and the increasing rental-rate in the area.
OA Development initially entered the North Carolina market more than 20 years ago. The company now owns 13 properties within the state, totaling nearly 1 million square feet.
OA Development, founded in 1993, is a privately-held commercial real estate firm that manages and invests in office assets throughout the Southeast.