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. 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.”
About Pepsi Bottling Ventures
North Carolina-based Pepsi Bottling Ventures (PBV) is the largest privately-held bottler of Pepsi–Cola products in North America, operating 20 bottling and distribution facilities that serve consumers in North Carolina, South Carolina, Virginia, Maryland and Delaware. PBV is a joint venture between Suntory International and PepsiCo. For more information about PBV, visit www.pepsibottlingventures.com.
About The Bainbridge Companies
Founded in 1993, The Bainbridge Companies (Bainbridge) is a fully integrated family of real estate companies engaged in the development, construction, management and acquisition of residential and commercial real estate, as well as a leading owner, developer and manager of luxury multifamily apartment communities in the eastern United States. Through providing great experiences to its residents, clients and partners, Bainbridge now manages approximately 25,000 apartment homes in over 70 communities, including approximately 7,000 homes that have been recently renovated, constructed, developed and/or leased-up. Additionally, Bainbridge has multiple communities currently under development and pre-development. Bainbridge is headquartered in Wellington, Florida, and Bethesda, Maryland, with regional offices in Cary, North Carolina; Orlando, Florida; and the New York Tri-State area. The Bainbridge team consists of over 500 passionate professionals in Florida, Maryland, New York, North Carolina, Virginia and Washington, D.C.
About Foundry Commercial
Foundry Commercial (Foundry) is a full-service real estate services and investment company with 255 employees and more than 40 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a North Carolina licensed real estate broker.
