Parkway Sheds Charlotte Office Complex for $37.5M; California REIT Buys into NC Hotel Market
- Nov 18, 2013
Newport Beach, Calif.-based REIT MIG Real Estate has announced the purchase of Homewood Suites Charlotte Airport, operated by Raleigh-based Concord Hospitality Enterprises. MIG acquired the hotel, its first North Carolina hotel asset, from the seller represented by Jeff Berkman of Hodges Ward Elliott. Although MIG has not disclosed the purchase price, real estate website PropertyShark.com lists the property’s current market value at $6,392,500, significantly lower than the $8.7 million that Millroc/Charlotte LLC paid for the hotel in mid-2007. The entity, sporting a Greensboro, N.C. address acquired the hotel from Queen City Lodging LLC with a special warranty deed.
The 102-suite asset, located on a 3.64-acres site, was built in 1999 and comprises 75,709 square feet of space. Amenities include 1,541 square feet of meeting space, business center, outdoor swimming pool, putting green and guest laundry. Units feature separate living and sleeping rooms, fully-equipped kitchen and complimentary Wi-Fi.
Located at 2770 Yorkmont Road, Homewood Suites Charlotte Airport is three miles removed from Charlotte Douglas International Airport and adjacent to the Queen City’s largest suburban office market. Two more hotels are located within a 0.4-mile radius of the hotel: DoubleTree by Hilton Charlotte Airport and Hyatt Place Charlotte Airport/Tyvola Road.
In other news, Parkway Properties announced the close of sale on the 326,000-square-foot Carmel Crossing. The office complex sold for a gross purchase price of $37.5 million. Parkway Properties Fund II LP purchased the asset for $25 million in November 2010. Parkway had a 30 percent ownership stake in the property, which means that of the $14.5 million gain on sales, Parkway will be cashing in $4.4 million and an additional $7.1 million in its share of net proceed. The company will also take on $620,000 in mortgage prepayment expenses.
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Image courtesy of Homewood Suites Charlotte Airport via Google+