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CBRE Arranges $12M Sale of Charlotte’s Historic Savona Mill

CBRE has arranged the $11.5 million sale of the historic Savona Mill, a circa-1915 former mill in Charlotte’s West End neighborhood. The buyer was reported as Savona Resi Project LLC and is affiliated with Atlanta-based Portman Residential.

Savona Mill is located at 500 S. Turner Avenue and is withing an Opportunity Zone. The buyer plans to redevelop the property according to North Carolina’s historic mill tax credit program. Current entitlements will allow up to 300,000 square feet of commercial space and 240 multifamily units. The site operated as a textile mill from 1915 to 1931 and was later sold in 1936 to Old Dominion Box Company.

Patrick Gildea, Matt Smith, Kevin Kempf, Howard Jenkins and Grayson Hawkins of CBRE represented the seller, ARGOS Real Estate Advisors, in the transaction. Additionally, C.J. Kelly and John Wiley of CBRE Atlanta’s Debt & Structured Finance team and Harris Ralston and Alex Wilson of CBRE Charlotte’s Debt & Structured Finance team represented the buyer in arranging debt from First Carolina Bank for the transaction.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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