JV Enters Charlotte With $270M Office Buy

Commercial Property Executive

October 21, 2019

By Adina Marcut

The 1.8 million-square-foot campus is nearly fully leased, with the roster including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo.

Partners Group and Accesso Partners have acquired Innovation Park, a 1.8 million-square-foot office property in Charlotte, N.C. Partners Group is the majority owner, while Accesso holds a minority stake and will provide asset and property management services. The venture paid $270 million for the asset, according to Connect Media. This is the joint venture’s first foray into the Charlotte market.

Located on IBM Drive, in the University submarket of Charlotte, the 202-acre office complex provides convenient access to interstates 77, 85 and 485. The 12-building property is 99 percent leased to tenants including Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo. The campus has a weighted average lease term of 6.6 years, according to the owners. The venture plans to upgrade Innovation Park, turning it into a live-work-play environment by adding office, residential, retail and hospitality spaces, while also looking to enhance the property’s sustainable features.

JLL’s Brian Dawson represented the seller, while Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda secured the sale on behalf of the buyer. Accesso also tapped Marc Bellet as director of asset management and national director of development. Bellet has served as Innovation Park’s development, construction and operations manager since 2010.

This March, Partners Group sold Philips Plaza, a 435,525-square-foot Class A office asset in Nashville, Tenn., to Wheelock Street Capital for $111.5 million.