Hill Partners Pays $40M for Charlotte Upscale Retail Center
Charlotte, NC-based Hill Partners has acquired Specialty Shops SouthPark, a 65,362-square-foot, Class A retail development located on Carnegie Boulevard in Charlotte, for $40.2 million. The seller was Denver, CO-based real estate investment advisor EverWest Real Estate Investors.
Specialty Shops SouthPark is occupied by upscale boutiques and restaurants, and national credit tenants including Williams-Sonoma, Drybar, Talbots and Paco’s Tacos & Tequila.
“Specialty Shops SouthPark benefits from strong submarket rent growth and a stabilized, high-end tenancy anchored by popular restaurants with other unique-to-market, boutique shopping and retail uses,” said John Maurer, EverWest Real Estate Investors senior managing director and head of portfolio management. “This made the asset appealing when we acquired the property in 2014 and it has now completed its role and contribution to the Fund after nine years of ownership. We believe it will continue to perform well over time and is uniquely positioned in the SouthPark retail market.”
EverWest Real Estate Investors currently has $5.3 billion in assets under management.