Charlotte developers noticed suburb’s growth. So they bought a shopping center
Concord’s continued economic and population growth has attracted two Charlotte real estate firms. And that attraction led to their first commercial property purchase in the city.
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In July, Idlewood Capital and Morgan Co. bought the South Union Shopping Center at 860 Union Street South for $7.9 million, according to Cabarrus County property records.
The shopping center is anchored by Food Lion and hosts several restaurants and retailers such as Señor Agave Mexican Grill & Bar and an ABC store.
Idlewood and Morgan plan to renovate the center with updated signage, along with new storefronts and awnings. The pair declined to say how much the renovation would cost but noted it would be significant.
Idlewood owns several plazas throughout the Charlotte region, including shopping centers in south Charlotte’s Ayrsley neighborhood and the firm’s most recent purchase in NoDa at 2025 N. Davidson Street.
Morgan’s ownership spans into South Carolina and Virginia. The firm also owns a shopping center in Cramerton, about 20 miles west of Charlotte, where a new Publix will be built by next year.
So, the pair are familiar with the Charlotte region. Now, Idlewood and Morgan are moving into Concord.
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As with most areas in the Charlotte region, Concord is experiencing population growth and development.
Nearly 114,600 people call Concord home, according to the latest census data, up from 105,329 people in 2020 and 79,000 people in 2010.
And there’s the economic growth from major companies, including pharmaceutical giant Eli Lilly, which built a new manufacturing facility with a $2-billion investment in 2024.
It’s those factors, Idlewood and Morgan said, that are driving their interest in the city.
“As two Charlotte-based companies, we continue to be extremely bullish on the Charlotte MSA and Concord is a big part of that growth,” a Morgan spokesman said. “The city has done an incredible job attracting major companies like Eli Lilly and Red Bull, and we believe that continued investment speaks volumes about the long-term future of the area.”
Renovations on the South Union Shopping Center will begin next year. The stores will remain open during construction.
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