HFF arranges sale and financing for retail center in Charlotte, NC

Terraces at University Place Shopping Center,
  North Tryon Street, Charlotte, NC

CHARLOTTE, NC –– HFF announces that it has closed the sale of and arranged acquisition financing for Terraces at University Place, a 65,112-square-foot neighborhood shopping center in Charlotte’s University neighborhood.

                        Tom Kolarczyk  

HFF represented the seller, Ziff Properties, Inc.  LBX Investments purchased the asset.  Additionally, working on behalf of the new owner, HFF placed a 10-year, fixed-rate acquisition loan with TIAA Bank. 

Terraces at University Place is located along the highly trafficked North Tryon Street, which exposes the center to 24,000 vehicles per day, and benefits from the rapid growth and transformation of the surrounding area.

Originally built in 2000, the property is now 97% leased to an eclectic blend of restaurants and retailers, including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King.

Terraces at University Place

 The excellent mix of experiential retailers will continue to garner significant demand from the young, entertainment-focused demographic of the nearby University of North Carolina Charlotte (UNCC) students.

Additional, as it’s situated just blocks from the recent $1.2-billion Blue Line extension, Terraces at University Place is becoming more accessible to the greater Charlotte population.

The HFF investment advisory team representing the seller included director Tom Kolarczyk.  

Gregg Shapiro

The HFF debt placemen team representing the new owner was led by managing director Gregg Shapiro and senior director Cory Fowler.

“Unanchored retail in areas near universities continue to garner exceptional demand, especially properties like Terraces at University Place that have a diverse mix of retail, service and restaurant tenants,” Kolarczyk said.

 “The growth story around UNCC is exceptional, which bodes well for commercial development and rent growth in the area.”

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

About Ziff Properties, Inc.

Ziff Properties, Inc. is an entrepreneurial commercial real estate investment firm with a focus on the southeastern United States.  The firm is engaged in the acquisition, ownership and operation of shopping centers and other select multi-tenant commercial real estate opportunities, including self-storage and flex/business park properties.  Please visit https://www.zpi.net to learn more.

Cory Fowler

About LBX Investments

LBX Investments owns and operates neighborhood and community shopping centers located in the southeastern region of the U.S.

LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities. 

CONTACTS:

THOMAS KOLARCZYK

NC Lic. #276931

HFF Director

(704) 526-2813

tkolarczyk@hfflp.com

GREGG SHAPIRO

HFF Managing Director

(404) 832-8460

gshapiro@hfflp.com

CORY FOWLER

HFF Senior Director

(704) 526-2807

cfowler@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com