Hines Trust Acquires Historic Charlotte Design Center

Hines Global Income Trust acquired the Design Center of the Carolinas from Asana Partners for $170 million. Once the Nebel Knitting Mill, Asana bought the various components of the historic development and turned them into offices, retail spaces and restaurants. Commercial Search reports that the set of buildings was built in the 1920’s and converted to office in 2008, with retail added in 2020.

Asana purchased the original three Design Center buildings for $42.7 million in November 2016. Over the next several years, the firm added several nearby assets. The 238,733-square-foot Design Center is 88% leased. The asset totals 122,000 square feet of retail space and 117,000 square feet of creative office space.

Paul Zarian and Hines’ Jesse Amundson represented the firm in the acquisition. Ryan Shore and Miles Theodore, with Eastdil Secured, represented Asana Partners.