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.