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$28M bid submitted for Carmel Crossing in foreclosure sale

Parkway Atlanta Charlotte Office put in a winning $28 million bid at a public auction Friday for the foreclosed Carmel Crossing, a three-building office park in south Charlotte.

Jim Ingram, chief investment officer and executive vice president of Jackson, Miss.-based Parkway Properties Inc., said Parkway purchased the Charlotte property in December 2003 and then sold an 80 percent share to RubiconPark I LLC the following year.

Ingram said the property, which has a total of about 326,000 square feet, went into foreclosure after RubiconPark, which is based in Australia, filed for bankruptcy protection in January and three tenants in the business park moved out.

“The property is still in good shape,” Ingram said. “It’s doing well but could do better. We’d like to grow our portfolio in Charlotte.”

During the second quarter, Travelers Cos. signed a five-year renewal for 103,655 square feet, Ingram said.

PACO is wholly owned subsidiary of Parkway Property, a real estate investment trust that specializes in the operation, leasing, acquisition and ownership of office properties in the Southeast and Southwest. It also owns property in Raleigh and Winston-Salem.

Sam Boykin can be reached at sam.boykin@mecktimes.com.

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