(For more retail coverage, click GlobeSt.com/RETAIL.)
TROUTMAN, NC-A couple of brokers from Cornelius, NC, and theirinvestor partners have scooped up 68 acres at a key Interstateinterchange here that they expect will be combined with anadjoining 52-acre parcel and developed into the city's largestpower center. The land is located 40 miles north of Charlotte atthe intersection of Interstate 77 and State Highway 21; thecombined properties could hold between 700,000 sf and one millionsf of retail space.
The new owners, at a cost of $3 million or $1 per sf, are SperryVan Ness brokers Tom McMahon and Bill Hartwell of Cornelius, andundisclosed money partners. Hartwell tells GlobeSt.com their LLCplans to hold the property for at least a year and a day to qualifyit as an investment and then entertain offers from developers.
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