Northwood Investors Closes $90M Charlotte Mixed-Use Buy
- Oct 28, 2020
Northwood Investors has completed the acquisition of Metropolitan Midtown, a three-building, 342,233-square-foot mixed-use development in Charlotte, N.C., through affiliated funds. According to public records, the Class A property changed hands for $90 million, while MetLife provided $61 million in acquisition financing.
JLL negotiated on behalf of the seller—institutional investors advised by J.P. Morgan Asset Management—and secured the financing package for the buyer. Metropolitan Midtown last traded in 2013 for $94.4 million, Yardi Matrix data shows.
Located at 1111 Metropolitan Ave., the property came online in 2008 and is LEED Silver certified. Metropolitan Midtown encompasses 170,589 square feet of office space, 171,644 square feet of retail, 101 residential condominiums and a 1,110-space parking structure, as well as a 1.3-acre development lot. According to JLL, the office component was 97.1 percent leased at the time of sale. A Trader Joe’s anchors the asset’s retail portion, while other tenants on the roster include national and local companies such as Marshalls, Best Buy and Zoe’s Kitchen.
Metropolitan Midtown is less than 2 miles from downtown Charlotte, just south of Interstate 277. The 8-acre property is roughly 3 miles from ATCO’s Camp North End, a 1 million-square-foot mixed-use development.
JLL Senior Managing Directors Ryan Clutter and Richard Reid, along with Senior Directors Chris Lingerfelt, Tom Kolarczyk, Hunter Barron and Zack Drozda, led the Capital Markets team assisting the seller, while Senior Managing Director Travis Anderson led financing efforts. In March, a JLL team that included Clutter, Lingerfelt and Drozda represented the seller in the $80 million disposition of two mixed-use assets in Raleigh, N.C.