By Eliza Theiss, Associate Editor
The transit-oriented urban infill project sold for $130.5 million to CIM Group, the owner of the 22-story BB&T Center Class B office tower, reported the Charlotte Business Journal.
According to information released by HFF, the company marketed EpiCentre on behalf of a joint venture led by Vision Ventures and Mount Vernon Asset Management LLC, along with an institutional capital partner identified as The Baupost Group by the Charlotte Business Journal. The joint venture took control of the distressed property in 2012, after purchasing its debt in late 2010. Following the purchase, the partnership worked to stabilize the property, which now boasts a 94 percent rent roll and a highly successful outdoor media program.
Located in Uptown Charlotte, EpiCentre is the Queen City’s premier restaurant and entertainment retail venue. It benefits from a very advantageous location: right across from the Time Warner Cable Arena, on South College Street. The EpiCentre is also part of Charlotte’s Overstreet Mall which connects it to seven office buildings, among them the iconic the Bank of America and the Wells Fargo Headquarters. Built in 2008, the center is comprised of 255,512 square feet of retail/entertainment space and 49,336 square feet of office space. Boasting a 94 percent occupancy rate, EpiCentre’s tenant roster includes CVS, Studio Movie Grill, Blackfinn American Saloon, Gold’s Gym and 16 additional restaurants.
Founded in 1998, Vision Ventures is a well-capitalized acquisition, brokerage, construction and development company. Mount Vernon Asset Management is an institutional investor servicer, providing asset management services and strategies for turning ill-performing assets into high-level performers.
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Image courtesy of EpiCentre via Facebook