9/25/2008

JV pays $50M for Charlotte retail center

by
A joint venture between CB Richard Ellis Investors and Atlanta, Ga.-based Childress Klein Properties has purchased the Afton Ridge Shopping Center in the Charlotte suburb of Kannapolis, N.C., for $50 million.

Afton Ridge is located at the intersection of Kannapolis Parkway and I-85 at 6390 Bayfield Parkway. It contains 470,288 square feet and is currently 94 percent leased to tenants including Best Buy, Marshalls, PetSmart, Stein Mart, Lane Bryant, Hallmark, Dick's Sporting Goods and Ashley Furniture.

"With a pro-business environment and high quality of life, Charlotte is attracting many companies and has emerged as a major corporate and regional headquarters location," said Jeffrey Torto, senior director of acquisitions for CBRE Investors.

Address: 6390 Bayfield Parkway, Kannapolis, N.C.

Size: 470,288 square feet

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Filed Under: Retail

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