The Daily Dose: Charlotte, NC, business park sells for $270M

S&P Global Market Intelligence

October 21, 2019

Partners Group and Accesso Partners jointly acquired the 1.8 million-square-foot Innovation Park in the University area of Charlotte, N.C., for $270 million, the Charlotte Business Journal reported, citing Brian Rosen, chief investment officer at Accesso Partners. Tenants at the 99% leased park, originally built in the early 1980s, include Allstate, AXA, Alight Solutions, Classic Graphics and Wells Fargo.

The new owners plan to develop news uses including a plaza, multifamily buildings, a boutique hotel and ground-level retail space along with new office space, the report noted, citing Rosen. The park comprises 12 buildings.

The seller was BECO Management affiliate BECO South. BECO Management had paid $42 million for the foreclosed property during the recession.