JLL Capital Markets announced today that is has closed the $31.75 million sale of Oates Crossing, a four-building, Class A light industrial/flex portfolio totaling 235,400 square feet in the Charlotte community of Mooresville, North Carolina.
JLL marketed the property on behalf of the seller, Corporate Center Properties. RealOp Investments purchased the asset.
Oates Crossing is a best-in-class light industrial portfolio that is one of only two Class A parks in the submarket. Originally developed by the seller in 2005 and expanded through 2018, the portfolio is leased to 13 tenants. The property is situated on 15.94 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road in the Lake Norman area adjacent to Interstate 77.
The JLL Capital Markets team representing the seller was led by Senior Directors Patrick Nally and Hunter Barron and Senior Managing Director Pete Pittroff.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Corporate Center Properties
Corporate Center Properties is a privately owned real estate development company with a primary focus on executive office/warehouse properties. The company remains committed to providing high-quality workplaces with superior management and maintenance services for its tenants. The portfolio assemblance of an international, national and regional tenant mix led to the phenomenal success, as stated by owner Stephen L. Smoak.
About RealOp Investments
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, its investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.