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| Metropolitan Midtown, completed in 2008, offers 170,589 SF of office space and 171,644 SF of retail along side a 1,110-space parking deck |
CHARLOTTE, NC– JLL Capital Markets announced it has completed
the sale and financing of Metropolitan Midtown, a premier mixed-use
development featuring 342,233 square feet of office and retail space and a
1.3-acre development parcel in Charlotte, North Carolina.
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Ryan Clutter
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JLL
represented the seller, institutional investors advised by J.P. Morgan Asset
Management, and procured the buyer, funds affiliated with Northwood Investors
LLC. Additionally, JLL worked on behalf of the buyer, to secure an acquisition
loan.
Completed in 2008, Metropolitan
Midtown is one of the city’s premier urban mixed-use properties offering
170,589 square feet of office space and 171,644 square feet of retail alongside
a 1,110-space parking deck.
The office component is 97.1% leased and
includes investment grade tenants representing a wide range of industries,
including banking and financial services, insurance, healthcare, real estate
and technology.
The retail portion of Metropolitan Midtown
is anchored by a top-performing Trader Joe’s and is complemented by a mix of
national and local tenants, including Marshalls, Best Buy, and Zoe’s Kitchen.
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Richard Reid
|
The project is located at 1111
Metropolitan Avenue and serves as the anchor for the Midtown / South End
submarket.
Metropolitan Midtown is a vibrant part of the neighborhood hosting
a variety of lifestyle events that spur community involvement, including fitness
events, movie nights, festivals, workshops and more.
With a location immediately adjacent to
Interstate 277, the property offers easy ingress and egress for commuters and
is a short drive to Charlotte’s central business district, Bank of America Stadium,
Charlotte Douglas Airport and the affluent Dilworth and Myers Park residential
enclaves.
The
JLL Capital Markets team representing the seller was led by Senior Managing
Directors Ryan Clutter and Richard Reid and Senior Directors Chris
Lingerfelt, Tom Kolarczyk, Hunter Barron and Zack Drozda.
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Chris Lingerfelt
|
“Metropolitan
Midtown is positioned within one of the most sought-after corridors for new
development in Charlotte,” Clutter said.
“This area
has experienced an unprecedented amount of new development, announcements, and
investor demand in the last 24 months, driving rental rate growth and further
tightening vacancy in the submarket.
“We
are very excited to see Northwood Investors transform this asset by utilizing
their exceptionally strong experience and operating company platforms in the
office, retail and development space,” added Lingerfelt.
The
financing efforts were led by JLL Capital Market’s Senior Managing Director Travis
Anderson.
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| Tom Kolarczyk |
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's
in-depth local market and global investor knowledge delivers the best-in-class
solutions for clients — whether investment sales, debt placement, equity
placement or a recapitalization.
The firm
has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
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Hunter Barron
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About J.P Morgan Global Alternatives
J.P.
Morgan Global Alternatives is the alternative investment arm of J.P. Morgan
Asset Management.
With more
than 50 years as an alternatives investment manager, $145 billion in assets
under management and more than 600 professionals (as of June 30, 2020), we
offer strategies across the alternative investment spectrum including real
estate, private equity and credit, infrastructure, transportation, liquid
alternatives, and hedge funds.
Operating from offices throughout the
Americas, Europe and Asia Pacific, our 15 independent alternative investment
engines combine specialist knowledge and singular focus with the global reach,
vast resources and powerful infrastructure of J.P. Morgan to help meet each
client's specific objectives.
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Zack Drozda
|
About Northwood Investors
Northwood
Investors is a privately held, real estate private equity firm that owns and
operates real estate across the US and Europe.
The firm
currently manages approximately $8 billion of investor capital. Northwood's
flagship fund seeks to opportunistically acquire well-located real estate with
a plan to create value through hands-on asset management.
Northwood is vertically-integrated with
in-house operating teams across the office, multifamily, retail and hospitality
sectors.
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Travis Anderson
|
About
JLL
JLL (NYSE: JLL) is a
leading professional services firm that specializes in real estate and
investment management.
JLL shapes the future of real estate for a better world
by using the most advanced technology to create rewarding opportunities, amazing
spaces and sustainable real estate solutions for our clients, our people and
our communities.
JLL is a Fortune 500 company with annual revenue of $18.0
billion, operations in over 80 countries and a global workforce of nearly
93,000 as of June 30, 2020.
JLL is the brand name, and a registered trademark,
of Jones Lang LaSalle Incorporated.
Contacts:
Kristen
Murphy
JLL
Senior Manager
Public
Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
jll.com.
northwoodinvestors.com
jpmorganassetmanagement.com.
