Let’s make a deal

Let’s make a deal

2022-07-12T03:31:16-04:00July 7th, 2022|Charlotte, Real Estate|

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Writer: Jerrica DuBois

2 min read July 2022 — The ever-changing real estate game in Charlotte has some new players. The region has seen a recent wave of big-ticket purchases for redevelopment as investors continue to take a bigger interest in the Queen City. Charlotte developers are taking advantage as they forge their own strategic plans for growth and development. 

“Repurposing land and land use has become a trend within the region and there is more to come,” Andrew Moriarty, principal and regional manager for the Carolinas at Bohler, told Invest:. Bohler itself is converting industrial buildings into structures with shops and residential retail. “Adaptive reuse reduces construction costs, making the trend popular within the region and the industry. The market will create unique and adaptive ways to utilize this trend.”

Among the most recent developments involving outside investors coming in, Duke Energy Corp. announced the sale of its Mint Street parking deck to Berlin-based Millennium Venture Capital. The sale is part of the company’s previously announced plans to consolidate its real estate footprint as it prepares to open a new 40-story headquarters, Duke Energy Plaza, in late 2023.

Located between BB&T Ballpark and Bank of America Stadium, the six-story parking deck has 2,216 spaces, including 29 that are handicap accessible. MVC has no immediate plans to make any changes to the facility. According to Mecklenburg County real estate records, the 210,177-square-foot property was last appraised at $31.5 million. 

MVC is also purchasing Duke Energy’s location on South College Street Uptown. The venture capital company plans to turn the property into a mixed-use development, which will include a hotel, retail, office and residential units. The valuation for the College Street property is $50.8 million. 

Duke Energy is selling its last Uptown property, located on South Church Street, to Washington D.C.-based MRP Realty. The ground floor will be converted into 50,000 to 75,000 square feet of retail and restaurant space. Office space and a 14-story addition for 550 apartments is also planned for the redevelopment of this property. At last appraisal, the Church Street property is valued at $87.5 million.

Charlotte developer Childress Klein also announced it would be selling an industrial property in southwest Charlotte to Boston-based TA Realty. The 212,000-square-foot building sits on a 17.1-acre site in perhaps the hottest industrial submarket in the Charlotte area. TA Realty purchased the property from Childress Klein for $37 million. 

The sale is the latest move by Childress Klein as the developer also recently announced its two other development projects. Nevada Business Park, a three-building industrial park that will total nearly 320,000 square feet of industrial space near Carowinds, is planned for completion in 2023. Childress Klein is also gearing up for The Concourse, a large mixed-use project in the Steele Creek area. Construction of the first two industrial buildings is set to begin this month and the project is also set to include 3,000 square feet of office and retail space, a 140-room hotel and up to 270 multifamily units.

SouthPark’s two tallest office towers at 6000 and 6100 Fairview Road were recently purchased by Detroit-based commercial real estate firm Crestlight Capital for nearly $200 million. Creslight purchased the buildings, which total just over 431,000 square feet, from the California State Teachers Retirement System. Though the project is in the beginning stages, renovation plans will include a cosmetic overhaul of the common areas, as well as new and updated amenities.