Monday, December 12, 2016

$4.95 million sale of multi-housing development site in Charlotte, NC closed by HFF team

Rendering of planned development site in South End Market, Charlotte, NC

Justin Good
CHARLOTTE, NC, Dec. 12, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the $4.95 million sale of a development site totaling 1.56 acres in Charlotte’s South End submarket.

HFF managing director Justin Good and director Allan Lynch, formerly of Cushman & Wakefield | Thalhimer, worked alongside managing director Bill Simerville and senior vice president Brian Craver of Foundry Commercial to market the offering on behalf of two separate clients.

 A 0.91-acre parcel was marketed on behalf of Pepsi Bottling Ventures and a 0.65-acre parcel was marketed on the McRee family’s behalf.  Bainbridge Companies (Bainbridge) purchased the adjacent sites free and clear of existing debt.

 Prior to the sale, Bainbridge successfully rezoned both sites to TOD-RO (Transit-Oriented Development – Residential Optional) due to the proximity to the New Bern light rail station. 

The sites are situated between the 2600 and 2700 block of South Boulevard at the intersection of Poindexter Drive in Charlotte’s high-growth South End area.  The parcels are located across Poindexter Drive from a 5.21-acre mixed-use development site the team brokered to Lennar Multifamily Communities earlier this fall.

Allan Lynch
 A five-story, podium-style multi-housing property with 200 rental units above a two-story parking garage is planned for the combined 1.56-acre parcel.  

The property fronts the Charlotte Rail Trail and will feature a courtyard at the corner of South and Poindexter as well as a decorative accent at the entrance from the Rail Trail’s 4.5 miles of public trails that wind through the heart of the city connecting neighborhoods such as Sedgefield, Southside Park, Brookhill, Dilworth and Wilmore to Uptown.

“Bainbridge was attracted to the South End’s robust residential fundamentals as the area continues to thrive and diversify into a multi-faceted urban node,” stated Good.

 “The community is designed to intertwine the public linkages with common area gathering spaces to emphasize the site’s key position along the light-rail line and the Rail Trail.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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