Vision Properties closes on Carmel Crossing purchase

imgxVision Properties has closed on its $37.5 million acquisition of the three-building Carmel Crossing office park in south Charlotte.

The firm, headed by Fred Arena, is a spinoff of New Jersey-based Vision Equities that will focus on new office acquisitions along the East Coast, working as an operating partner alongside larger institutional investors.

Vision Properties purchased Carmel Crossing with an unidentified family office.

The Charlotte Business Journal reported this month that Vision was under contract to purchase Carmel Crossing, which totals approximately 326,000 square feet, from Parkway Properties.

Anthony Arena, director of acquisitions for Vision, said Carmel Crossing offers Class-A office space at a more affordable rate than competing buildings in south Charlotte but with comparable services and proximity to amenities, highways and executive housing.

Vision Equities has previously teamed with institutional investors to purchase the Coliseum Centre office park off Tyvola Road and the One Wells Fargo Center building uptown. Fred Arena says Vision Equities will remain intact, but Vision Properties will be his platform for new deals in the East and Southeast.

“We are targeting assets where we can implement our creativity and asset-management skill sets and create additional underlying value for our investors,” Arena said. “We focus heavily on tenant relations and view our tenants as our partners while we build those long-lasting relationships that at the end of the day are our lifeblood.”

Carmel Crossing is 94% leased, and its largest tenant is Travelers Companies Inc., which leases 103,655 in a deal that expires in mid-2016.

Cushman & Wakefield represented Parkway on the sale. Vision has selected Cushman & Wakefield | Thalhimer to lease the park and CBRE Group Inc. to manage it.