News
Overseas Buyer Finds Charlotte
June 27, 2012
| Azrilei Group isn't widely known in the US, but the Israeli company made a splash recently in Charlotte by inking a deal to buy One Wells Fargo Place for $245M. | ||
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| Citing a quiet period, Azrilei declined to discuss the deal, but this isn't the first US property the mainly Israel-focused (offices and retail space) firm has bought. Earlier this year, it spent $107.5M for Plaza at Enclave in Houston, mostly leased long-term to Dow Chemical. Similarly, One Wells Fargo is mostly leased long-term to the bank of the same name. The deal is part of a wider trend of overseas investors seeking the relative safe haven of US properties.Direct foreign investment in the US, which generally means plunking down cash for real estate and companies, totaled $234B in 2011, up 14% over 2010, according to the US Commerce Department. | ||
