CBRE Snaps Up $50M of Retail near Charlotte
- Sep 29, 2008
CB Richard Ellis Realty Trust, acting in a joint venture with Childress Klein Properties, has acquired nearly 296,400 square feet in the 470,300-square-foot Afton Ridge Shopping Center in Kannapolis, N.C., in a transaction valued at $50 million. Afton Ridge sits within a 260-acre master planned destination, serving as the mixed-use development’s retail segment. CBRE Realty Trust worked on the acquisition with CBRE Investors. Located at the intersection of I-85 and Kannapolis Parkway, about 25 miles north of Charlotte, Afton Ridge has a tenant roster that includes such national chain stores as Ashley Furniture, Best Buy, Dick’s Sporting Goods, Hallmark, Lane Bryant, Marshalls and PetSmart. Additionally, a Target store, not included in the transaction, serves as a shadow anchor for the property. The segment that CBRE Realty Trust acquired was developed in 2007. As is the case in most other metropolitan cities that had been thriving over the last few years, the Charlotte area has seen a decline in its retail market. However, according to CBRE Investors, the city is on track to outpace the national average in retail sails over the next five years. Headquartered in Los Angeles, CBRE Realty Trust invests predominantly in office, retail, industrial and multi-family properties in major metropolitan areas across the U.S. The company, along with real estate investment management firm CBRE Investors, is a division of international real estate services firm CB Richard Ellis Group Inc. Atlanta-based Childress Klein is a development and management firm with a portfolio of managed properties encompassing 23 million square feet of office, retail and industrial space.