CHARLOTTE—Specialty Shops on the Park, a 64,901-square-foot urban infill retail center in Charlotte, has a new owner. The sale price: $25 million.

A joint venture between an affiliate of Hill Partners and an institutional partner purchased the property. It was sold free and clear of existing debt.

“Specialty Shops on the Park received a significant amount of investor interest due to its notable upscale tenants and irreplaceable location in Charlotte's affluent SouthPark submarket,” HFF director Richard Reid tells GlobeSt.com. Reid and HFF director Jim Hamilton represented the seller.

Reid just hit on a formula for success: quality tenants and location. It's not a new formula, but available properties with this combination are not as common as they were in a down market.

Specialty Shops on the Park is leased to tenants such as Bricktop's, Williams-Sonoma, and Talbots. The retail property is located at 6401 Morrison Boulevard in the affluent Southpark submarket of Charlotte across the street from SouthPark Mall, a Simon-owned mall anchored by tenants including Neiman Marcus, Macy's and Nordstrom.

"We are extremely excited to complete the acquisition of Specialty Shops on the Park in our backyard and to shift now into the mode of enhancing the merchandising of the center," says Bob Spratt, president of Hill Partners, said in a statement. The property is 97% occupied.