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Ballantyne Corp. Park sold

In the largest real estate deal in Charlotte's history, a New York-based investment firm bought Ballantyne Corporate Park, according to an Observer report.

Northwood Investors paid an estimated $1 billion for the 535-acre property that has more than 4.5 million square feet of office space. The exact sales price was not disclosed.

Northwood did not disclose any changes that might be planned for the park. Current zoning allows for another 1.5 million square feet of office space that could be added.

Northwood's Charlotte affiliate Northwood Ravin owns the 51-story Vue and is also developing another residential building along Stonewall Street.

Once vast farm land owned by Johnny Harris, Ballantyne grew up on Charlotte's outskirts to become a nearly self-contained entity. Roadways that were once lightly traveled became major thoroughfares, and I-485 emerged to connect Ballantyne with I-77 and the rest of Charlotte.

For complete details on the deal and history on Ballantyne's development, see the report in the Charlotte Observer.

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