HFF announces that it has closed the sale of and arranged acquisition financing for Terraces at University Place, a 65,112-square-foot neighborhood shopping center in Charlotte’s University neighborhood.
HFF represented the seller, Ziff Properties, Inc. LBX Investments purchased the asset. Additionally, working on behalf of the new owner, HFF placed a 10-year, fixed-rate acquisition loan with TIAA Bank.
Terraces at University Place is located along the highly trafficked North Tryon Street, which exposes the center to 24,000 vehicles per day, and benefits from the rapid growth and transformation of the surrounding area. Originally built in 2000, the property is now 97% leased to an eclectic blend of restaurants and retailers, including The Flying Saucer Draught Emporium, Que Onda Tacos, Iron Dish Korean BBQ, The Press Box Bar & Grill and Smoothie King. The excellent mix of experiential retailers will continue to garner significant demand from the young, entertainment-focused demographic of the nearby University of North Carolina Charlotte (UNCC) students. Additional, as it’s situated just blocks from the recent $1.2-billion Blue Line extension, Terraces at University Place is becoming more accessible to the greater Charlotte population.
The HFF investment advisory team representing the seller included director Tom Kolarczyk.
The HFF debt placemen team representing the new owner was led by managing director Gregg Shapiro and senior director Cory Fowler.
“Unanchored retail in areas near universities continue to garner exceptional demand, especially properties like Terraces at University Place that have a diverse mix of retail, service and restaurant tenants,” Kolarczyk said. “The growth story around UNCC is exceptional, which bodes well for commercial development and rent growth in the area.”
Holliday GP Corp. is a North Carolina licensed real estate broker.
About Ziff Properties, Inc.
Ziff Properties, Inc. is an entrepreneurial commercial real estate investment firm with a focus on the southeastern United States. The firm is engaged in the acquisition, ownership and operation of shopping centers and other select multi-tenant commercial real estate opportunities, including self-storage and flex/business park properties. Visit https://www.zpi.net to learn more.
About LBX Investments
LBX Investments owns and operates neighborhood and community shopping centers located in the southeastern region of the U.S. LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
