Charlotte, NC (July 9, 2018) – CBRE has arranged the sale of Brawley Commons, a Publix-anchored shopping center in Mooresville, NC. CBRE National Retail Partners’ Charlotte-based team of Mike Burkard and Steve Shields exclusively represented the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. The property was purchased by Atlanta-based New Market Properties.
Brawley Commons is a 122,054-sq.-ft. Class A Publix-anchored neighborhood center located in the affluent Lake Norman area of Charlotte. The center was built in 1998 and redeveloped in 2016 with the addition of a new 49,098-sq.-ft. Publix along with a comprehensive renovation of the remainder of the center. Additional tenants include Pet Supermarket, MOD Pizza, OrangeTheory Fitness, SuperCuts and Jersey Mikes complemented by strong local restaurant and service uses.
“As one of the fastest growing markets in the country, Charlotte continues to attract interest from top institutional investors like New Market. Brawley Commons was a very sought-after asset and its strategic location at the gateway to the Brawley peninsula makes it convenient for Publix and area residents. Glenwood Development and Magnolia Development executed a first-class renovation and created a dynamic tenant mix of leading national and local tenancy,” said Mr. Burkard, senior vice president at CBRE.
“We were pleased with the outcome of the Brawley Commons redevelopment and are confident that its strong line-up of tenants will continue to be successful. New Market is an outstanding company, with whom we thoroughly enjoyed working on this transaction,” said Steve Vinson of Magnolia Development Co.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
