Beacon Partners sells 13 buildings for $39.5M
Published: October 23, 2012
Time posted: 5:16 pm
CHARLOTTE — Charlotte-based Beacon Partners on Monday said it has sold a 13-building chunk of its portfolio for $39.5 million.
Maryland-based Artemis Real Estate Partners bought the buildings, which are in four office parks throughout the Charlotte area and total 486,512 square feet.
CBRE brokered the deal, and, according to Hal Kempson, of CBRE, it should benefit both parties.
“It was a good opportunity for (Beacon) to sell and redeploy capital,” said Kempson, vice president of debt and equity finance for CBRE. “That’s what developers do: They sell it when it’s stable and redeploy capital.”
According to Kempson, Artemis bought:
• 216,000 square feet at 77 Overlook in north Charlotte;
• 127,000 square feet at International Corporate Center in Concord;
• 107,000 square feet at LakeField Corporate Center in Mooresville; and
• 68,000 square feet at SouthCross Corporate Center in Rock Hill, S.C.
Kempson called it the biggest sale that CBRE has done since 2008 and yet another sign that the economy is healing.
“Flex space is something that people are getting bullish on,” he said. “Last year was OK, but the two years previous were awful.”
Payton Guion can be reached at firstname.lastname@example.org.