CHARLOTTE, NC-The joint owners of Grande Promenade have completed the sale of the 202,555-sf property for $55.5 million. The buyer was a partnership led by ZR Strategic Property Investments, LLC and US Advisors, LLC.
The seller was Ghazi, NC, LLC and St. James Place. Lori Schneider, senior director of Marcus & Millichap's National Retail Group, repped both sides. She tells GlobeSt.com that the seller put the retail asset on the market at this time because it was moving on to other projects. Grande Promenade was the North Carolina developer Ghazi Co.
Schneider declined to release the deal's cap rate; however, she says the property offers an upside. Grande Promenade, located at the intersection of WT Harris Boulevard and Tryon Street, registers occupancy in the high 90% range. The tenant roster includes Ashley Furniture, Total Wine, the Melting Pot, FedEx Kinko's and Jos A. Banks. Schneider tells GlobeSt.com the rents range between the high $20s per sf to the $30s.
Grande Promenade is situated across from Carolina's Hospital and the University of North Carolina at Charlotte. According to Luis A. Rios, president of ZR Strategic, Grande Promenade is the second metro-area acquisition for the partnership.
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