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Preferred Office Properties affiliate buys NC commercial asset for $209M

Preferred Office Properties LLC affiliate POP Capitol Towers LP bought the Capitol Towers complex in the SouthPark neighborhood in Charlotte, N.C., for almost $208.8 million, the Charlotte Business Journal reported, citing Mecklenburg County records.

Developer Lincoln Harris LLC sold the asset, which sits on a 5.8-acre site and includes two 10-story buildings with 472,500 square feet of office space and retail area, a medical office building and a parking deck.

The office space is leased to Albemarle Corp. and JPMorgan Chase Bank, among other tenants, while the retail and medical spaces are fully leased to SouthPark Grill, Legion Brewing Co. and Novant Medical Group, the Dec. 28 report added.

Lincoln Harris had submitted a rezoning petition earlier in 2018 for a vacant site adjacent to the two office buildings. The company was planning to develop Capitol Towers 3, with up to 340,000 square feet of office and 16,000 square feet of retail space. Voting on the petition is expected as soon as January 2019, the publication added.

Preferred Office Properties is a wholly owned indirect subsidiary of Preferred Apartment Communities Inc.