Pennsylvania-based CenterSquare, a global investment manager, has acquired Colonnade at Kings Grant, a 21,265 square foot, three-building essential service retail property in Charlotte, North Carolina.
The property is located along a highway intersection in an established retail node. It is located at 8520 Pit Stop Court in Concord, near Concord Mills mall. The property’s previous owner, Silver Spring Ventures LLC, bought Colonnade in July 2018 for $5.75 million.
Colonnade was built in 2005, and CenterSquare plans to revitalize the center with paint, a new roof and updated landscaping. The deal marks the firm’s third acquisition in the Charlotte market this year, following the purchase of Gold Hill Commerce Park for $4.7 million and the Shoppes at Canterbury Glen for $4.1 million.
The property is currently 100% occupied by several tenants, including Jimmy John’s, Sweet Frog and Original Mattress. Colonnade is CenterSquare’s 22nd essential service retail acquisition in the Southeast and 60th nationally.
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