Charlotte-headquartered private real estate firm Ferncroft Capital recently acquired the 131,000-square-foot Morrison retail property in Charlotte’s affluent SouthPark submarket for $44.9 million.
Located at the intersection of Sharon Road and Colony Road, a significant commercial artery of SouthPark and overall Charlotte and the Southeast, the property boasts a 100 percent occupancy rate. Its tenants include organic grocer Earth Fare, Capitol, Barnes and Noble, Firebirds, TrySports and many more high-end retail and restaurant outlets. The retail asset is part of the Morrison mixed-use development which features a 314-luxury apartment component and a 119-unit condo component.
Berkley Capital represented the seller, identified by the Charlotte Business Journal as Washington, D.C.-based real estate firm Madison Marquette and Ohio-based real estate firm Casto. The latter co-developed the 2006-opened asset with Grubb Properties. Medalist Capital’s Bryan Brooks arranged debt for the purchase. According to the new owners, Madison Marquette will continue to handle management and leasing at Morrison.
The acquisition of Morrison is consistent with Ferncroft’s approach of targeting quality assets in infill locations with attractive yields,” commented Jeff Thomas, a principal at Ferncroft Capital. “We are excited to establish a solid footprint in the SouthPark retail market during this period of retail and office growth,” he added.
Ferncroft Capital acquires, sources and manages commercial real estate asset in the Southeastern US, with a special focus on the Carolinas. The company usually targets assets located in superior long-term locations, in medium to large markets that are fairly-valued on a risk-adjusted basis in deals ranging between $10 million and $100 million. It usually holds assets for three to seven years. The firm has been one of the top buyers in the Southeast, purchasing over one million square feet of real estate worth over $175 million in the past six years.
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