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Development

Metropolitan complex sold for $92 million as Ballantyne owner expands in Charlotte

 

The owner of Ballantyne Corporate Park has purchased the Metropolitan complex just outside of uptown and a nearby piece of land for $92 million, property records filed with Mecklenburg County on Tuesday show.

Northwood Investors bought the retail and office center this week from the previous ownership group, made up of institutional investors advised by J.P. Morgan Asset Management. That’s according to a news release Tuesday from real estate firm JLL, which represented the seller.

The property houses Trader Joe’s, Marshalls and Best Buy, as well as restaurants and other local businesses.

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Northwood Investors’ acquisition of the Metropolitan reinforces its commitment to Charlotte, John Barton, president of subsidiary Northwood Office, said in a statement.

In the single-largest real estate transaction in Charlotte’s history, Northwood Investors spent $1.2 billion to purchase Ballantyne Corporate Park in 2017. Northwood Office has since announced plans for a $1.5 billion revamp of the park, which call for 2,000 apartments, offices, hotel rooms, shops, single-family homes, restaurants, parks and an amphitheater.

Northwood declined to say what its plans were for the site.

The Metropolitan, a mixed-use complex outside of uptown Charlotte, sold to Northwood Investors, the firm that owns Ballantyne Corporate Park, for $92 million, property records show. Courtesy of JLL Capital Markets

The complex, which opened in 2008, is one of the city’s most well-known mixed-use developments. It has 170,589 square feet of offices, 171,644 square feet of retail and a parking deck with 1,110 parking spaces, according to the release.

The Charlotte Agenda first reported the sale Sunday.

Ryan Clutter, senior managing director with JLL Capital Markets, the group that worked on the sale, said the area around the Metropolitan is one of the most “sought-after” corridors for new development in Charlotte.

A slew of construction is underway nearby, including a 7-acre project from Pappas Properties, the firm that developed the Metropolitan. The development, across Kenilworth Avenue from Metropolitan, includes plans for a hotel, offices, shops and a renovated Pearl Park.

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