{"id":1004368061,"date":"2019-11-13T09:33:04","date_gmt":"2019-11-13T17:33:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004368061"},"modified":"2019-11-13T09:33:04","modified_gmt":"2019-11-13T17:33:04","slug":"capridge-sells-charlotte-office-property-for-36m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/capridge-sells-charlotte-office-property-for-36m\/","title":{"rendered":"CapRidge Sells Charlotte Office Property for $36M"},"content":{"rendered":"<div id=\"attachment_1004368067\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004368067\" data-attachment-id=\"1004368067\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/capridge-sells-charlotte-office-property-for-36m\/carmel-park-ii\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Carmel Park II\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Carmel Park II&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg?w=1000\" class=\"wp-image-1004368067 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Carmel-Park-II.jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004368067\" class=\"wp-caption-text\">Carmel Park II<\/p><\/div>\n<p>In a $36.2 million deal, OA Development has acquired Carmel Park I &amp; 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.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/oa-development-acquires-31m-charlotte-office-portfolio\/\">acquired a four-building portfolio<\/a> in the Raleigh-Durham metro for $31 million.<\/p>\n<p>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\u2019s urban core and suburban reaches.<\/p>\n<p>Carmel Park\u2019s two four-story buildings were constructed in 1981 and 1984. CapRidge invested $4 million in capital improvements in 2017. The property\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synovus Bank provided the buyer of the 173,000-square-foot asset with nearly $25 million in acquisition financing.<\/p>\n","protected":false},"author":861,"featured_media":1004368067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21825,21783,21742,21747],"tags":[36351,44636,33118,38911],"class_list":["post-1004368061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-finance","category-investment","category-latest","category-office","tag-capital-improvement","tag-capridge-partners","tag-oa-development","tag-synovus-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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