Lower South End retail center home to Goldie's sells for $16.6M
The price of this unanchored retail in lower South End center spiked more than 112% since it last traded about eight years ago.
IVT 3609 South LP, affiliated with Illinois-based InvenTrust Properties Corp., purchased 3609 South for $16.6 million on May 11, according to county real estate records. The property includes two parcels.
The seller — LCRE 3609 South Boulevard LLC, affiliated with Charlotte-based real estate private equity investment firm Cedar Square — had purchased 3609 South Blvd. and an adjacent property, 3601 South Blvd., for $7.8 million in transactions in 2018 and 2019. Together, the parcels encompass 2.41 acres. There are 29,414 square feet of retail space between the properties.
CBRE’s Adam Russ, Erin Varol and Will Register represented the seller on the transaction. Cedar Square declined to comment.
Russ posted on LinkedIn, congratulating Cedar Square on a “prudent long-term investment.” CBRE’s listing says the center included substantial mark-to-market opportunities, with leases for 67% of the total rentable space expiring in a five year period.
It is currently 100% occupied, according CBRE’s sale announcement. Russ adds that Cedar Square curated a tenant mix that helped establish the property as a premier service-oriented retail center.
“It is certainly positioned for sustained success and we're thrilled to have played a part in bringing this one home,” Russ writes.
The center is home to Goldie’s, which offers live music and food from its 6,400-square-foot space. Next door, tenants include Asian fusion restaurant Tora Express, GW: A Goodwill boutique, Ski Country Outdoors and Anytime Fitness.
InvenTrust did not respond to a request seeking comment.
That list includes Carmel Village and Rea Farms in south Charlotte, Eastfield Village and NorthCross Commons in Huntersville, Sycamore Commons in Matthews and the Shoppes at Davis Lake in north Charlotte.
The website identifies Charlotte as a target market for acquisitions. The firm acquires retail real estate in the Mid-Atlantic, SouthWast and Southwest. Its portfolio ranges from grocery-anchored community shopping centers to multitenant necessity-based retail centers.