CBRE Completes Sale of Large Redevelopment Opportunity in Charlotte’s University City

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.”