Aug
07

Buildings in Charlotte’s Oak Hill Business Park Sold

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One year after acquiring Charlotte’s Carmel Executive Park, Florida-based Adler Kawa Real Estate Advisors (AKREA) is again growing its North Carolina portfolio with the purchase of four office buildings at Oak Hill Business Park. Located within Charlotte’s I-77 Corridor, the buildings comprise 249,000 square feet of office space. Financial terms of the transaction were not disclosed.

Currently 68 percent occupied, the buildings were an attractive acquisition target in line with AKREA’s approach to identifying multi-tenant, management-intensive properties that lend themselves to value creation. The firm plans to undertake a series of capital improvements and physical upgrades to the properties, including renovations to building lobbies, as well as an aggressive leasing and management strategy.

“AKREA’s acquisition of Oak Hill Business Park is a text book example of our approach to purchasing assets in growth markets at a favorable cost basis with an eye toward creating value,” said Matthew L. Adler, President and CEO of AKREA. “Our plan to make capital investments, coupled with our hands-on approach to leasing and management, will help boost occupancy and asset value over time.”

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