CHARLOTTE – Third & Urban announces the purchase of 12.2 acres, which will be used for a combination of adaptive re-use and ground-up development.
The land is located at 4100 Raleigh St., 4212 Raleigh St. and 530 E. Sugar Creek Road, which collectively sits adjacent to Sugar Creek Station in the NoDa submarket.
Third & Urban purchased the property for $24 million from Charlotte-based Flywheel Group in a transaction that was brokered by CBRE.
This news arrives as Third & Urban’s first Charlotte project, Lower Tuck, in west Charlotte is nearing completion; Lower Tuck will be a commercial hub for retail, office and hospitality concepts that Third & Urban is facilitating with the support of JLL and Thrift Commercial Real Estate Services.
Third & Urban is delighted to join the West End neighborhood and is finalizing the 260,000-square-foot, $80 million redevelopment project with the hopes of becoming an authentic part of the neighborhood’s growth and community.
“The NoDa submarket is one of the most popular areas in Charlotte among millennials and young professionals, and the population is on pace to grow over 33% in the next five years,” said Patrick Gildea, vice chairman with CBRE, who brokered the transaction. “Flywheel had the great foresight to secure land in this area, which now has a tremendous amount of interest from investors who want to draft off NoDa’s momentum. We expect Third & Urban will create something special here.”
The site lies adjacent to the Lynx Blue Line Light Rail, connecting the Sugar Creek Station to the rest of the metro area.
“Our vision is to create a sense of place using the bones of the existing buildings which have so much character,” said Pierce Lancaster, managing partner at Third & Urban. “Our plans are still evolving as we initiate conversations with the community and we’re looking forward to participating in the evolution of this neighborhood.”
Visit thirdandurban.com for details about Third & Urban.