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Blackacre Buys IBM Center in Charlotte for $130M

ATLANTA-The New York-based firm obtains $100 million in funding to acquire the 1.8-million-sf IBM Corporate Campus, located on 206 acres in University Research Park. Total price, sources tell GlobeSt.com on condition of anonymity, is $130 million, or $72.22 per sf.

By Marita Thomas | Updated on October 14, 2002

ATLANTA-New York-based Blackacre Capital has obtained $100 million in financing to acquire the 1.8-million-sf IBM Corporate Campus on 206 acres in Charlotte’s University Research Park. Total price, sources tell GlobeSt.com on condition of anonymity, was approximately $130 million, or about $72.22 per sf.

Terms of the loan were not disclosed, but the lender, GlobeSt.com learns from its brokerage sources, is New York-based iStar Financial. Carlton Advisory Services, also based in New York, arranged the financing and was Blackacre’s financial advisor for the transaction.

The property was fully renovated between 2000 and 2001. It is 83% leased. IBM, the previous owner, holds a long-term lease for 42% of the available space. The balance of leased space is occupied by Solectron Corp., Manufacturers Services Ltd. (MSL), and Strayer Education, Inc.

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