CHARLOTTE, N.C. — A major real estate owner in Charlotte has beefed up its local portfolio after purchasing the mixed-use Metropolitan property in midtown.
Funds affiliated with Northwood Investors paid nearly $92.3 million for the Metropolitan Midtown complex and site, which includes 170,589 square feet of office space, 171,644 square feet of retail and a 1,110-space parking deck. Northwood also purchased a 1.3-acre undeveloped parcel adjacent to the complex as part of the deal.
Northwood is best known locally as the owner of Ballantyne Corporate Park in south Charlotte, which it paid more than $1 billion for in 2017.
Institutional investors advised by J.P. Morgan Asset Management sold the Metropolitan, at 1111 Metropolitan Ave. The property finished construction in 2008 and JPMorgan acquired it for $94.4 million in 2013.
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Cox Media Group
