CHARLOTTE-Charter Properties is out of the office ownership and development business. The locally-based firm has sold the last of its office properties and will focus on multifamily development and property management.

The company sold an 80,250-sf building at 4901 Dwight Evans Rd. for $3.15 million or $39.25 per sf to a partnership of local contractor Joe Mann and Jim Plyler of AAC Real Estate Services Inc. Charter also sold two buildings totaling 60,180 sf to Allison Holdings II for $4.65 million or $77.26 per sf. The buildings are at Woodridge Center off Billy Graham Parkway. Both transactions were brokered by Maxwell Hanks of Colliers Pinkard in Charlotte.

In a published report, Charter president Tom Hunter says his strategy of focusing solely on multifamily projects has allowed the company to downsize from more than 100 people 10 years ago to about 50 without diminishing profits or returns to investors. Charter limits its development efforts to the Charlotte and Research Triangle areas. Charter also owns Albemarle Square, a shopping center on Albemarle Road.

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