Charlotte-Area Shopping Center Gets New Owner

Unison Realty Partners acquired Mooresville Festival, a property anchored by Kohl’s and Big Lots, for $10 million.

Mooresville, N.C.—Unison Realty Partners recently expanded its Charlotte market presence with a third acquisition in North Carolina. The firm purchased Mooresville Festival, a 160,000-square foot shopping center in Mooresville, from a foreign investment group for $10 million. The 12 store-front property is anchored by Kohl’s and Big Lots. Avison Young was the broker in the transaction.

The Moorisville Festival Shopping Center in Moorisville, N.C.
The Moorisville Festival Shopping Center in Moorisville, N.C.

Situated off Interstate 77, on the local retail corridor of Route 150, Mooresville Festival is 25 miles north of Charlotte. The property is shadow-anchored by Belk department store and additional tenants include Shoe Carnival and Belk Kids. Mooresville Festival serves as a soft-goods retail destination for the surrounding community. Mooresville is one of the fastest-growing regions in the MSA, attracting both long-time Charlotte residents and transplants from other cities. The town experienced a 60 percent population increase over the latest 10-year census period.

“We are thrilled to deepen our presence in the Charlotte MSA with a quality property serving the growing Lake Norman community. Mooresville Festival has been a success to date, and we are excited to continue optimizing its tenancy for the Mooresville residents,” said Karim Fadel, founder & principal of Unison Realty Partners, in a prepared statement.

Unison has retained Collett & Associates as the center’s property manager and leasing agent.

“We look forward to partnering with Unison on Mooresville Festival as a continuation of our success to-date together in the North Carolina markets. We have been intimately familiar with the property since its construction, and are eager to return to the project in a management role,”  said Charlie Ellis, partner & founding member of Collett.

Currently, the property is 95 percent leased, with more than 80 percent occupied by investment-grade credit and national store tenants.

Image via Google Street View