108KSF Northlake Commons Fetches $31.5M, While 65KSF Terraces at University Place Sells for $8.2M
- Oct 11, 2014
Charlotte’s retail market continues to be red-hot. Most recently an affiliate of Lincoln Property Co. picked up the Northlake Commons retail center for $31.5 million, reported the Charlotte Business Journal. The seller, a joint venture comprised of Ferncroft Capital and a fund advised by Crow Holdings Capital, was represented by Berkeley Capital Advisors. The partnership had owned the 108,000-square-foot retail center since June 2011, when it picked it up for $22 million.
Located off I-77 at West WT Harris Boulevard and Reames Road in Charlotte, the grocery-anchored Class A retail was built in 2006. It consists of 80,000 square feet of gross leasable area and five outparcels. Anchor tenants include Dillard’s, Belk, AMC Theater, Macy’s and Dick’s Sporting Goods. Other tenants include Panera Bread, Olive Garden, Red Robin, Men’s Warehouse and FedEx Kiko’s. Northlake Commons houses over 150 shops and restaurants. Its 10-mile catchment area has a population of 465,680 with average household incomes of $72,837. Northlake Commons is located in the vicinity of highly popular Northlake Mall. It’s also only 10 minutes away from Charlotte’s downtown.
In other retail news, Mount Pleasant, South Carolina-based Ziff Properties acquired the 64,960-square-foot Terraces at University Place from an unidentified seller. According to The Charlotte Observer, Ziff dropped $8.2 million on the property, less than half of the $15.7 million it fetched at its last sale in 2005. The Providence Group represented Ziff Properties in the sale.
The 64,960-square-foot retail center is located on North Tryon Street, across from the UNC Charlotte campus and within walking distance of multiple light rail stops. Major tenants of the 1999-built retail center include Smoothie King and Flying Saucer. Terraces at University Place’s five mile catchment area has a population of 161,074 with an average household income of $68,113.
Click here for additional Charlotte market data
Images courtesy of New South Properties of the Carolinas and Ziff Properties