Partners Group and Accesso pay $270m for Innovation Park in North Carolina [updated]
Partners Group and Accesso Partners have joined forces to buy a 1.8m sqft office complex located in the southeastern region of the US for $270m (€242m).
The companies have marked their entry into the Charlotte, North Carolina office market with the acquisition of Innovation Park.
Innovation Park, located on IBM Drive, is made up of 12 buildings and is 99% leased.
The venture plans to further develop the “property into a true live-work-play environment incorporating office, residential, retail and hospitality components”.
Partners Group, acting on behalf of its clients, will own a majority stake in the 202-acre office complex and Accesso will hold a minority ownership interest and will provide asset management and property management services.
Marcus Day, Partners Group’s senior vice president and head of acquisitions, private real estate Americas, said the acquisition reflects the company’s investment strategy of acquiring real estate assets on behalf of its clients with significant value-add potential and optionality.
“Innovation Park offers an attractive combination of current income and growth with longer-term development potential and the ability to create value through proactive asset management.
”With Innovation Park’s size and scale, our goal is to deliver exciting new amenities and help evolve the Property into a live-work-play neighbourhood.”
Partners Group’s managing director and co-head private real estate Americas, Fabian Neuenschwander, said: “We believe that Innovation Park provides attractive office space today, but additional value can be unlocked via upgrading and enhancing the existing space in addition to developing new Class A space; we will work closely together with Accesso to realize this potential.”
Ariel Bentata, founding and managing partner, investments for Accesso, said: “Innovation Park presented us with an attractive opportunity to enter Charlotte, which is one of the fastest-growing cities in the country.
”Charlotte has continued to experience high population and economic growth and substantial positive net absorption over the past few years, and we are thrilled to establish Accesso’s presence here with the support of Partners Group.”
Brian Rosen, CIO, Accesso, said: “Innovation Park is one of the top corporate parks in Charlotte because of all that it has to offer: a strategic location near a major university, excellent access to transportation, an abundance of on-site amenities, and a diverse tenant base and workforce.”