By Laura Calugar
A partnership between American Realty Advisors, a California institutional capital management firm, and Stonemar Properties, a New York investment firm, acquired Ballantyne Village, a 171,559-square-foot mixed-use retail entertainment property in Charlotte, N.C. The asset traded for $43.2 million, according to Mecklenburg County real estate records. Rob Carter, David Webb, Rad von Werssowetz, and Alex Quarrier of Berkeley Capital Advisors worked on behalf of the seller, MV Ballantyne Village LLC, which purchased the asset for $26 million back in 2013.
Located at 14825 Ballantyne Village Way, Ballantyne Village is adjacent to Ballantyne Corporate Park, a four-million-square-foot office property which sold earlier this year for roughly $1 billion. Ballantyne Village inludes more than 13 food and beverage options, various personal service providers, two schools, 25,000 square feet of Class A office space as well as outdoor gathering spaces and social areas for events such as live music, children’s activities, and art programs.
“This is a best-in-market asset that is uniquely positioned to benefit from the region’s influx of high-paying jobs, robust demographics, and population growth – all of which will contribute to long-term value for our tenants and investors,” said Senior Director of ARA’s Investment Group David Willett, in a prepared statement.
Ballantyne Village benefits from high traffic counts of nearly 80,000 vehicles per day. Within a one-mile radius, the average annual household income is approximately $100,000.
At the beginning of May 2017, American Realty Advisors also acquired Phase I of King Mill Distribution Park, an 846,496-square-foot Class A distribution facility in the Atlanta submarket of McDonough, Ga.
Images courtesy of Ballantyne Village