Charlotte retail center near Northlake Mall sells for 37% less than prior sale
New York retail real estate firm DLC Management bought a shopping center across from Northlake Mall in north Charlotte for $36.6 million — that’s 37% less than when it sold 15 years ago.
Read more Potentially dangerous ‘heat event’ is headed to Charlotte region, forecasters say
Perimeter Woods, at 10125 Perimeter Parkway near interstates 485 and 77, includes retailers Best Buy, PetSmart, Burlington and Michaels. The sale did not include the Lowe’s home improvement site next door.
The sale is part of a six-property purchase completed in partnership with DRA Advisors, that includes over 1.1 million square feet of retail space in five states, DLC said Thursday.
Kite Realty Group, under KRG Charlotte Perimeter Woods LLC, sold the 12.6-acre Perimeter Woods open-air shopping center to DRA, under G&I XI Perimeter Woods LLC, on June 17, Mecklenburg Property records show.
In 2011, Indianapolis-based Kite Realty had purchased Perimeter Woods for nearly $58.2 million, according to county property records. The appraised value for the center that was built in 2008 is $22 million, property tax records show.
Just last year, the two-story, 1.1-million-square-foot Northlake Mall nearby sold for $39 million to Atlanta-based real estate firm Hull Property Group. The mall fell into receivership in 2021 after failing to pay its debts.
Some office buildings in Charlotte have seen price drops, too.
This month, Minnesota-based Onward Investors bought three buildings in Coliseum Centre office park near Charlotte Douglas International Airport for $51 million. That’s half the cost private equity real estate firm South Street Partners paid just six years ago.
Read more Dead insects, “cleaning needed”: Latest Charlotte restaurant inspections
The Charlotte purchase is part of DLC’s broader expansion strategy in high-growth retail markets with shopping centers in areas of population growth and limited new retail centers, company CEO Adam Ifshin said in a statement.
Along with the Charlotte center, the other five are in Grapevine and College Station, Texas; Los Angeles; Memphis; and Brunswick, New Jersey. The properties are 95% occupied, DLC said.
DLC will focus on operational improvements at the newly acquired sites, the firm said. DLC officials weren’t immediately available to respond to a request for further comment by Friday.
DLC owns five other shopping centers in North Carolina, with one in the Charlotte region at Pavilion At King’s Grant in Concord, according to the company’s website. Retailers at the 8050 Concord Mills Blvd. center include TJMaxx, HomeGoods, Total Wine & More, Ulta Beauty and Barnes & Noble.
The King’s Grant center sold in December as part of an eight-property, $429 million deal that also included partnering with DRA, according to DCL. The 306,440-square-foot shopping center in Concord sold for $64.5 million, Charlotte Business Journal reported.
The Elmsford, N.Y.-based firm now owns and operates nearly 100 open-air shopping centers nationwide, totaling over 24 million square feet. DLC has more than $4 billion in assets.
Read more Guy Fieri enters the world of NASCAR as part-owner of NC-based Cup series team
