December 17, 2019
Atlanta-based commercial real estate firm OA Development has sold a five-building, mid-rise office portfolio located in The Park Huntersville, a master-planned mixed-use community in Charlotte. Arizona-based healthcare REIT Healthcare Trust of America acquired the portfolio for $81.5 million.
The Park Huntersville office portfolio includes a four-story, 123,000-square-foot building; two, three-story buildings at 101,500 square feet and 45,000 square feet, as well as two, two-story buildings at 68,000 square feet and 59,000 square feet. Developed from 1990 to 2001, the nearly 400,000-square foot office portfolio sits on 33 acres adjacent to Interstate 77.
“The timing just worked for this transaction,” said Brian Granath, partner at OA Development. “Our original pro forma had us holding this asset for several more years, but we reached an inflection point in the leasing cycle where we thought it was time to test the market. Healthcare Trust saw the value of the asset, given its healthy fundamentals including its location within The Park and the North Charlotte submarket.”
OA Development originally purchased The Park in 2017 for $62.5 million.
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