CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that its Carolinas investment sales team has closed the sale of a 5.21-acre development site 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 Pepsi Bottling Ventures. Lennar Multifamily Communities purchased the site free and clear of existing debt. Prior to the sale, Lennar Multifamily Communities successfully rezoned 4.69 acres of the site to TOD-M (Transit-Oriented Development Mixed-use) due to its proximity to the New Bern light rail station.
The site, formerly home to a Pepsi Bottling plant originally constructed in 1938, is situated at the intersection of New Bern Street and South Boulevard in Charlotte’s high-growth South End area. A six-story building encompassing 432 residential units, 26,000 square feet of retail and a nearly 800-space parking deck is planned for the parcel. Designed by Axiom Architecture and LandDesign, the property is oriented both toward the LYNX light rail/Rail Trail and South Boulevard. The property will maximize pedestrian connectivity with five pedestrian-oriented, ground-floor retail spaces and direct access to 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. A public walkway adjoining the Rail Trail to South Boulevard and a pedestrian crossing from South Boulevard to the Harris Teeter across from the site will be added.
“Lennar Multifamily is bringing an institutional-quality development to the heart of the South End to continue the area’s incredible transformation into a residential and retail destination,” stated Good. “Designed to maximize connectivity with New Bern Station and the Rail Trail, the development will offer significant street-level retail and unmatched access to all that nearby Uptown has to offer.”
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 Lennar Multifamily Communities: Lennar Corporation (NYSE: LEN) is a Miami-based homebuilder founded in 1954, with a market capitalization of approximately $10 billion. It has offices in 46 markets (19 states), and employs over 7,700 associates nationwide. Besides its role as a market leader in single-family homebuilding, Lennar enjoys an outstanding reputation and track record in creating value for its shareholders with investments outside its traditional model. Lennar Multifamily Communities (LMC) is the third such initiative of Lennar, and the company is committed to growing an apartment company that specializes in the development, management, construction and ownership of a portfolio of Class A apartments nationwide. At present, LMC has 11 divisional offices nationwide and a development pipeline in excess of $7 billion and 25,000 apartment homes. In 2015, LMC was ranked the 6th most active apartment developer in the US by the National Multi Housing Council with 4,582 apartment home starts.
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.