DALLAS, TX - May 15, 2014 - HFF announced today that it has closed the sale of The EpiCentre, a 305,147-square-foot mixed-use retail and entertainment center in Charlotte, North Carolina.
HFF marketed the property on behalf of the seller, a joint venture led by Vision Ventures and Mount Vernon Asset Management along with an institutional capital partner.
The EpiCentre is an urban-infill mixed use transit oriented development, which serves as Uptown Charlotte`s premier restaurant and entertainment retail venue. The property is located on South College Street between East Fourth and East Trade Streets, directly across from Time Warner Cable Arena and is part of the Overstreet Mall connecting it to seven office buildings including Bank of America and Wells Fargo Headquarters. Completed in 2008, the property consists of 255,512 square feet of retail/entertainment and 49,336 square feet of office space and is 94 percent occupied. Tenants include Fleming`s Prime Steakhouse, Blackfinn American Saloon, Studio Movie Grill, Strike City, Gold`s Gym, CVS and14 other restaurants.
The HFF team representing the seller was led by senior managing directors Barry Brown and Jim Batjer and managing director Richard Reid
"The Vision Ventures/Mount Vernon team did a tremendous job repositioning the asset after purchasing the property out of bankruptcy a few years ago. The investor group stabilized the rent roll to 94 percent and implemented a highly successful outdoor media program," said Brown.
Since its inception in 1998, Vision Ventures has built a reputation on in depth analysis, focus, and discipline in the world of commercial real estate. As a well-capitalized acquisition, brokerage, construction and development company, their expertise ranges from strategic attainments of debt and equity to the execution of development and construction projects.
Mount Vernon Asset Management LLC (Mount Vernon) services the institutional investor by providing strategies aimed at managing assets and turning ill-performing assets into successful endeavors. The company provides value to investors by ensuring the most efficient use of capital, a rigorous focus on due diligence work and research, and insightful cash flow forecasting. In addition, the company works with its property management companies to create and execute strategies to keep assets performing at the highest possible level.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
HFF Senior Managing Director
HFF Senior Managing Director
HFF Managing Director
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Source: HFF, Inc. via GlobeNewswire