Carmel Park I & II Sold for $23M

Office buildings Carmel Park I and II were recently sold for $23 million. The properties located at 11111-11121 Carmel Commons Blvd. in suburban Charlotte reach more than 170,000 square feet.

Office buildings Carmel Park I and II were recently sold for $23 million. The properties located at 11111-11121 Carmel Commons Blvd. in suburban Charlotte reach more than 170,000 square feet.

Carmel Park I and II

Carmel Park I and II

Holliday Fenoglio Fowler L.P. closed the sale of Carmel Park I and II, acting on behalf of property’s previous owner Carmel Park II Limited Partnership, managed by PICOA Inc.

The buyer of the two office buildings is Austin-based CapRidge Partners LLC. HFF also placed a floating-rate acquisition loan for the buyer with JP Morgan Chase & Co.

Senior Managing Director Ryan Clutter led the investment sales team representing the seller. HFF’s debt placement team was led by Senior Managing Director Travis Anderson, Director Jim Curtin and Associate Director Cory Fowler.

“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. This trade represents a terrific ‘win-win’ for both sides of the transaction,” mentioned Senior Managing Director Ryan Clutter. “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.”