Texas Developer Nabs 294 KSF Charlotte Shopping Center
- Oct 08, 2018
EB Arrow, a Texas-based developer and asset manager, has purchased University Place I and II, a 294,000-square-foot shopping center in Charlotte, N.C. CBRE completed the sale of the 36-acre property in Tar Heel State’s University City submarket.
Located at 8716 JW Clay Blvd., University Place is in close proximity to University of North Carolina, University Research Park, Carolinas HealthCare System-University and the JW Clay Boulevard rail station. Built in 1996 and currently 44 percent occupied, the shopping center is anchored by Ross Dress for Less, Michaels, Office Depot, Guitar Center and Rack Room Shoes.
“The University Place site is a prime spot for redevelopment with tremendous infrastructure and amenities including light rail, interstate accessibility, a 15-acre lake, convention hotel and access to greenways. … University Place I & II represents a rare opportunity to shape a large-scale redevelopment in a mature environment,” says Mike Burkard, senior vice president at CBRE Charlotte, in a prepared statement.
Burkard and Steve Shields represented the seller in the transaction. This summer, the same team arranged the disposition of Brawley Commons in Mooresville, N.C. Preferred Apartment Communities purchased the asset using an $18.5 million non-recourse first mortgage loan.
Image via Google Street View