A fully restored 1920s vintage building in Charlotte’s thriving South End has sold for $24 million following a conversion effort that repositioned the asset into one of the area’s most exciting adaptive reuse destinations.
Charlotte-based Ferncroft Capital recently purchased 332 W. Bland St. from Magnus Capital Partners and CenterSquare Investment Management.
Stream Realty Partners, a national real estate services, development, and investment company, represented the sellers in the transaction led by Executive Managing Director Jared Londry, Senior Vice President Mack Freudenstein, Senior Associate Alex Olofson, and Senior Financial Analyst Parks Brown.
“Magnus and CenterSquare did an astounding job repositioning and re-tenanting 332 W. Bland into a thriving experiential retail destination,” Olofson said. “Telling the story of the asset and demonstrating the long-term, generational value of this location was critical. As capital sources from across the globe toured the offering in person, the experience at 332 W. Bland spoke for itself.”
332 W. Bland St. offers 39,118 rentable square feet near a host of restaurants, bars, and multi-family apartments. The property is blocks from the LYNX Blue Line, Charlotte’s light rail system, and Bank of America Stadium. It is currently 100% leased to notable tenants including Slingshot Social Game Club, Ruby Sunshine, Lost & Found, and Resident Culture Brewery, one of Charlotte’s most popular breweries.
“Demand for adaptive reuse properties remains at an all-time high as occupiers and investors pursue transformative, experience-driven spaces,” Olofson said. “332 W. Bland Street’s premier location, long-term stability, and complementary tenant roster garnered tremendous interest from capital sources across the spectrum, including many new-to-market investors. We can expect to see this trend continue as stable opportunities in South End remain limited.”
Stream Carolinas continues to expand its footprint in the region, more than doubling the size of its staff in the last two years to 37 employees. Leaders have focused on growing its capital markets and advisory practices over the last year.