CapRidge Sells Charlotte Office Property for $36M

Synovus Bank provided the buyer of the 173,000-square-foot asset with nearly $25 million in acquisition financing.
Carmel Park II

In a $36.2 million deal, OA Development has acquired Carmel Park I & II, a two-building, 173,068-square-foot office asset in Charlotte, N.C., from CapRidge Partners, according to public records. Synovus Bank provided the buyer with a $24.9 million floating-rate mortgage to finance the deal.

With this purchase, OA Development has a footprint of nearly 1 million square feet in major markets across the state, Yardi Matrix data shows. Last summer, the investor acquired a four-building portfolio in the Raleigh-Durham metro for $31 million.

Located at 11111 and 11121 Carmel Commons Blvd., 10 miles south of downtown Charlotte, the property is on the southern edge of the Pineville Matthews Road retail corridor. Yardi Matrix shows the area within a mile of Carmel Park has 1.2 million square feet of office space. A public bus route links the asset to the city’s urban core and suburban reaches.

Carmel Park’s two four-story buildings were constructed in 1981 and 1984. CapRidge invested $4 million in capital improvements in 2017. The property’s current tenants include Quest Diagnostics, Pulte Home Corp. and Payzer. The asset has a load factor of 15 percent and has parking at a ratio of four spaces per 1,000 square feet.