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LAKE NORMANECONOMIC DEVELOPMENT

More land gets snapped up at Huntersville park as new owner plans development


by Ashley Fahey

Several properties and pieces of land have been on the market at The Park-Huntersville, with three sales transacting over the past year.

The third one, an 18.3-acre property at 12000 Patterson Road, closed in late December for nearly $1.5 million, according to Mecklenburg County real estate records. Scannell Properties, a real estate development and investment company out of Indianapolis, acquired the property and is planning to develop an industrial building on the site.

Scannell previously acquired two adjacent tracts, measuring 12 and 9.9 acres, in June for $1.7 million, bringing its contiguous land holdings at The Park-Huntersville to nearly 40 acres. The land is on Vanstory Drive, off of Reese Boulevard. Scannell will develop a 150,000-square-foot industrial flex building on the site it acquired in December.

The seller was Bank of America (NYSE: BAC) as trustee for the bank's pension plan. In 2017, BofA also sold a 78,319-square-foot light manufacturing and distribution facility for $8.7 million to One Liberty Properties Inc. in June and a portfolio of light industrial and office buildings for about $53 million in November.

The Park-Huntersville, off the Gilead Road exit on Interstate 77, is a mixed-use development with about 2.6 million square feet developed, including nearly 1.5 million square feet of office and flex space, 949,000 square feet of industrial, 125,000 square feet of retail, and 560 apartments.

 

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8600 Sam Furr Road, Suite 100
Huntersville, NC 28078