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Bank of America Divests Charlotte Assets at The Park Huntersville

OA Development Acquires Five-Bldg. Office Portfolio for $62.5M, Alidade Capital Picks Up 13 Acres
March 6, 2018
Bank of America’s (NYSE: BAC) U.S. Trust divested its remaining properties within The Park Huntersville, selling a five-building office portfolio to Atlanta-based developer OA Development, and three sites totaling 12.9 acres to a fund managed by Alidade Capital.

The seller began unloading its assets from The Park Huntersville this past January, selling a two-building, 117,000-square-foot office portfolio to Cincinnati-based private equity firm Viking Partners for $14.65 million, or about $125 per square foot.

OA Development acquired the five-building, 395,586-square-foot portfolio for $62.5 million, or about $158 per square foot. This acquisition marks the Atlanta developer’s 19th commercial property acquisition within the last nine years, bringing its total portfolio size to 2.8 million square feet.

The five buildings that were sold in the portfolio were the 122,388-square-foot Alexander Building at 13620 Reese Blvd. E.; the 45,117-square-foot Kemp building at 13801 Reese Blvd. W.; the 101,512-square-foot Latta Building at 9930 Kincey Ave.; the 67,623-square-foot Reed Building at 9920 Kincey Ave.; and the 59,156-square-foot Storrs Building at 10115 Kincey Ave.

All five buildings, of which were built between 1991 and 2001, were 91 percent leased at the time of the sale to tenants including Stanley Black & Decker, Amerock, Apex Tool, Ensemble Health Partners and Kellogg’s. The Spectrum Companies has retained management and leasing of the remaining available space in the portfolio.

Alidade Capital, a Bloomfield Hills, MI-based fund manager that manages four real estate value-add funds, acquired the three land sites within The Park Huntersville for an undisclosed price. While plans for development on the sites located along Reese Blvd. were not disclosed, all three land parcels are zoned for office (medical and/or general) and industrial/flex development.

The Park Huntersville is located about 14 miles north from the Bank of America's global headquarters, located at 100 N. Tryon in Charlotte, NC.

HFF’s Investment Advisory team represented the seller in both deals. Ryan Clutter, Scot Humphrey and Chris Lingerfelt brokered the five-building office portfolio sale. Sarah Goodwin and Hunter Barron worked on the land sale.

Please CoStar COMPS #4154985 for more information on the transactions.
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