The Meridian Group, Bethesda, Md., has acquired a mixed-use campus in Charlotte, N.C., from Armonk, N.Y.-based IBM Corp. for $90.3 million. Built in phases between 1979 and 1984, the IBM campus is a multi-tenant office, manufacturing and warehouse facility. IBM will continue its operations at the site under a long-term lease.
The IBM campus is 65% leased with IBM occupying 722,000 sq. ft. Other lead tenants include Milpitas, Calif.-based Solectron Corp. and Concord, Mass.-based Manufacturers' Services Inc. The development contains 11 buildings on 230 acres in the 3,200-acre University Research Park in Charlotte's Northeast submarket.