An institutional investor advised by JPMorgan Asset Management purchased Metropolitan Midtown, a mixed-use development in Charlotte, NC, for $94.4 million or $276 per square foot. Colonial Properties Trust (NYSE: CLP
), a Birmingham, AL-based multifamily and commercial property REIT, was the seller.
Metropolitan Midtown consists of 170,000 square feet of office space and 172,000 square feet of retail space, and was 93.5 percent leased as of last quarter. Target, Marshall's, Best Buy and Staples anchor the retail portion. Pappas Properties, Collet & Associates and Colonial developed the property in 2008.
Ryan Clutter, Christopher Decoufle, Mike Burkard and Patrick Gildea of CBRE represented Colonial.
See CoStar COMPS #2666215 for more information.