Scannell Properties Nabs 18-Acre Parcel in North Charlotte
- Jan 05, 2018
HFF brokered the sale of an 18.3-acre land parcel in Huntersville, N.C., on behalf of the seller, Bank of America N.A., as trustee for the Bank of America Pension Plan. Scannell Properties purchased the site for $1.5 million and intends to develop an approximately 150,000-square-foot industrial flex building. The parcel sits within The Park – Huntersville, a master-planned development in North Charlotte.
Earlier in 2017, Scannell also acquired an adjacent 22-acre site to develop an R&D and manufacturing facility. This is the third land parcel that HFF has sold within The Park – Huntersville during 2017, for a total of 34 acres. Last year, the brokerage company facilitated the sale of a four-building office and industrial portfolio on behalf of Bank of America.
The Park is located near the southern edge of Lake Norman, 20 minutes away from the Charlotte/Douglas International Airport. Located immediately off the Gilead Road exit of Interstate 77, the Charlotte region’s critical north-south connector, The Park – Huntersville provides easy access to Uptown Charlotte and UNC-Charlotte/University City. Due to its convenient location, many companies have established their business within the mixed-use development. Novant Health, Forbo Siegling, Joe Gibbs Racing, American Tire, General Motors Financial, Kellogg and Max Daetwyler Corp. are among the largest employers in the area. An estimated 6,000 employees work in the development, in industries such as health care, logistics and distribution, financial services, engineering and racing.
The Park – Huntersville is a 2.6 million-square-foot development that includes 1.5 million square feet of office/flex space, 949,000 square feet of industrial, 125,000 square feet of retail and 560 apartments. The Spectrum Cos. manages the whole property.
An HFF team including Senior Managing Directors Chris Norvell and Ryan Clutter, Managing Director Justin Good, Senior Director Hunter Barron and Director Sarah Godwin facilitated the land sale.
Video courtesy of The Spectrum Cos. via YouTube