PMG Trades Charlotte’s Midtown Crossing for $30M

After a year of ownership, Property Markets Group sold the 122,830-square-foot retail center to Bluejay Capital Management.
The Midtown Crossing retail center in Charlotte, N.C.

The Midtown Crossing retail center in Charlotte, N.C.

Charlotte, N.C.—New York-based Property Markets Group (PMG) has announced the sale of Midtown Crossing, a retail complex in Charlotte, N.C., for $30 million. The buyer is real estate management and investment company Bluejay Capital Management.

Located in booming midtown Charlotte, at 900 Metropolitan Ave., Midtown Crossing is situated near Central Piedmont Community College, the Carolinas Medical Center, Novant Health Presbyterian Medical Center and less than 1 mile from the homes of Bank of America, Duke Energy, Wells Fargo and the NASCAR Hall of Fame.

The asset benefits from its proximity and easy pedestrian access to The Metropolitan, which includes major tenants like Trader Joes, Marshalls, Staples, West Elm and Best Buy along with multiple eateries, boutiques, offices and condominiums. The connectivity between the two centers allows an easy flow of consumer traffic. The median household income within a 3-mile radius is roughly $61,000.

“We bought Midtown Crossing because of its solid residential population and its long-term tenants, the brand-name retailers serving Charlotte’s up-and-coming Midtown neighborhood,” said Kevin Maloney, founder & principal at PMG, in a prepared statement.

Anchored by BJ’s and PETCO, the commercial property was purchased by PMG in 2015.

Image via Google Street View