Development

South Charlotte office buildings sold for $23 million

Carmel Park
Carmel Park

A pair of south Charlotte office buildings have been sold for $23 million to an Austin, Texas-based property company, brokerage HFF said Monday.

The buildings on Carmel Commons Boulevard, near Pineville-Matthews Road, total just over 170,000 square feet. The buildings are 80 percent leased, with tenants including Pulte Group, Gentiva Health Services, M3 Engineering and Commercial Defeasance, LLC.

HFF marketed the properties on behalf of the seller, a partnership managed by California-based investment firm PICOA.

“We received significant interest in Carmel Park as capital continues to flow into the Charlotte market seeking quality investments. Office rents are now growing rapidly in most areas of Charlotte helping to really push pricing for sellers and create solid investment opportunities for buyers,” senior managing director Ryan Clutter said in a statement. “We believe rents will continue to grow in most Charlotte submarkets and as the cost of capital remains very attractive, the current strong selling environment will continue into 2016.”

Tom Stacy, co-founder of the buyer, CapRidge Partners, said the company plans to renovate the buildings. This is CapRidge’s first acquisition in Charlotte.

“These are quality buildings in an attractive location, and we’re looking forward to implementing our value-add strategy, starting our renovations and delivering exceptional service to tenants at the building and throughout the market,” said Stacy, in a statement.

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