CBRE has arranged the sale of University Place I & II, a 294,000 sq. ft. shopping center located on a 35.74-acre site at 8716 JW Clay Boulevard in the heart of Charlotte, North Carolina’s dynamic University City submarket. Built in 1996, the shopping center is currently 44% occupied and is anchored by Ross Dress for Less, Michaels, Office Depot, Guitar Center and Rack Room Shoes.
CBRE National Retail Partners’ Charlotte-based team of Mike Burkard and Steve Shields exclusively represented the seller in the transaction. The property was purchased by Dallas, TX-based developer and asset manager, EB Arrow.
“The University Place site is a prime spot for redevelopment with tremendous infrastructure and amenities including light rail, interstate accessibility, a 15-acre lake, convention hotel and access to greenways. With 35.74 acres of land, University Place I & II represents a rare opportunity to shape a large-scale redevelopment in a mature environment,” says Mr. Burkard, senior vice president at CBRE.
The property is in close proximity to several of University City’s major economic drivers including the University of North Carolina-Charlotte, University Research Park, Carolinas HealthCare System-University and the JW Clay Boulevard LYNX Blue Line Station.
“The opportunity at University Place offers tremendous potential to provide the local community with a more walkable and community connected mixed-use project,” said Gregory Wattson SVP of Acquisitions and Development for EB Arrow. “We look forward to working with the local community to transform University Place into a generational asset.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.