CHARLOTTE – New Jersey-based Vision Properties, a spinoff of Vision Equities, purchased a complex of three office buildings at Carmel Crossing in south Charlotte on Nov. 8 from Parkway Properties for $37.35 million.
The company, a real estate development and asset management firm, made the acquisition through a joint venture with a family investor, according to Frank Arena, its managing partner.
“Carmel Crossing offered the opportunity to acquire a class A office park where we feel we can be the value provider for tenants who do not want to pay the higher rates of some of the surrounding sub-markets yet offer the same services and close proximity to amenities, highways and executive housing,” said Anthony Arena, Vision’s director of acquisitions.
Arena said Vision likes the Charlotte market and sees it as a growth area. Vision already owns the 75-acre Coliseum Centre office park off Tyvola Road and the 42-story One Wells Fargo Center building on South College Street for a combined 2 million square feet of office space.
The 326,000-square-foot office complex is currently 94 percent leased, with Travelers Indemnity Co., the largest occupant, recently renewing its 104,000-square-foot lease through 2016.