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company for $33.9 million, and the new owner hopes to rejuvenatwethe development. recently bought the Charlotte East park onAlbemarlw Road, just east of Independence Boulevard. The office park, constructex between 1973 and 1985, contains 11 buildingz totaling 535,000 square About 173,000 square feet is vacant. The spacs leases for $14 per squarw foot. Kellogg bought Charlotte East from Robinsonn DevelopmentGroup Inc. of Norfolk, Va. Robinson had acquireds the park in April 2005for $28 millio n from Miami-based LNR Properties. The purchase marks Kellogg'as debut in Charlotte. The company's interestf in the park stems from the fact that Charlottee East is a former KogerEquity Inc.
property, says Glendqa Snelgrove, Kellogg director of acquisitions. Kellogfg owns two former Kogert properties in Jacksonville and has found successe in upgrading and recasting them to suitthe market's demands, she says. Kelloggg expects the same performance in she adds. "Some of these properties lend themselves to renovatingand upgrading. We think we'vw found our niche." The park'sx tenants include MedClaim Inc., the Social Security Easter Seals, the Presbytery of Charlotte and several state and locaplgovernment agencies. Ryan Clutter of the local offices of CB Richard Ellis was lead listinyg agent inthe sale.
Kellogg has retainee Jessica Brown and Eric Speckman of CB to handlew leasing and management of the Brown and Speckman also had those responsibilitiesaunder Robinson's ownership.
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