Scannell Properties Buys $1.467 Million Property In Charlotte, NC
January 23, 2018
First Development plan includes a 150,000 SF Industrial Flex Building
Scannell Properties plans to begin development of an 18.34-acre land parcel purchased in a prime master-planned development called “The Park,” in Huntersville - a suburb of Charlotte, North Carolina. Scannell purchased the property for $1.467 million dollar through HFF a leading provider of commercial real estate and capital markets services.
HFF marketed the property on behalf of the seller, Bank of America, N.A., as Trustee for the Bank of America Pension Plan, and Scannell Properties purchased the asset. Scannell plans to develop an approximately 150,000 SF industrial flex building on the site and a second BTS building in the future. Earlier in 2017, Scannell purchased the adjacent 21.91-acre site from the seller to develop an R&D and manufacturing facility.
The Park – Huntersville is a mixed-use development with 2.6 million square feet developed, including 1.46 million square feet of office/flex space, 949,000 square feet of industrial, 125,000 square feet of retail, 560 apartment units and an estimated 6,000 daily employees in diverse industries such as healthcare, logistics and distribution, financial services, engineering and racing. Notable employers within The Park – Huntersville include Novant Health, Forbo Siegling, Joe Gibbs Racing, American Tire, General Motors Financial, Kellogg and Max Daetwyler Corporation. Located immediately off the Gilead Road exit off Interstate 77, the Charlotte region’s critical north-south connector, The Park – Huntersville provides access to Uptown Charlotte, the UNC-Charlotte/University City area and executive housing in the sought-after Lake Norman area.
Scannell’s Managing Director Bill Linville says, “We have been looking for a good development position on the north side of Charlotte to supplement our projects on the west and south sides. The Park is one of the highest profile projects in the Carolinas. We’re excited to be doing both a spec unit and a soon- to- be announced BTS project to supplement this quality high profile development.”
Development of the property is expected to begin in the Spring of 2018 and be completed Q4.