ECHO Realty Expands NC Portfolio
- Nov 15, 2016
by Laura Calugar
Charlotte, N.C.—ECHO Realty recently announced the purchase of two properties located in Charlotte, N.C. The two Harris Teeter-anchored shopping centers are Regency Village, a 70,000-square-foot center in the Lake Norman community of Huntersville, and Coddle Creek, an 80,000-square-foot center in Concord. The price of the two acquisitions was not disclosed.
Regency Village has easy access from I-77 and the Lake Norman community of Huntersville, N.C. According to castoinfo.com, more than 53 percent of homes within 5 miles of the center earn more than $75,000 per year. Huntersville is an expanding suburb in the Charlotte metro area, with population growth of nearly 45 percent since 2000.
Coddle Creek Market is strategically located in Concord, N.C., one of Charlotte’s fastest-growing submarkets. The shopping center is close to major employers such as UNC Charlotte, University Research Park and University Hospital. Within a mile radius, the average household income is $86,439.
“The acquisition of these two centers is consistent with ECHO’s philosophy of acquiring best-in-class centers anchored by market-leading grocers in growing areas,” said Drew Gorman, senior vice president of acquisition and development for ECHO, in prepared remarks.
The two new acquisitions extend ECHO Realty’s presence in North Carolina to six grocery-anchored properties. ECHO entered the Charlotte market in 2015, when it purchased its first properties, The Village at Byers Creek in Mooresville and The Shoppes at Highland Creek.
ECHO Realty is a privately held developer, owner and operator of commercial real estate headquartered in Pittsburgh, with offices in Washington, D.C. and Indianapolis. ECHO’s portfolio consists of 225 properties in the Mid-Atlantic, Southeast and Midwest regions. Recently, ECHO Realty and its partner managed to add new tenants to their multi-tenant retail property in Hyattsville, Md.
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