{"id":1004487970,"date":"2020-10-28T04:31:14","date_gmt":"2020-10-28T12:31:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004487970"},"modified":"2020-10-28T06:01:43","modified_gmt":"2020-10-28T14:01:43","slug":"northwood-investors-closes-90m-charlotte-mixed-use-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northwood-investors-closes-90m-charlotte-mixed-use-buy\/","title":{"rendered":"Northwood Investors Closes $90M Charlotte Mixed-Use Buy"},"content":{"rendered":"
\"\"<\/a>

Metropolitan Midtown<\/p><\/div>\n

Northwood Investors has completed the acquisition of Metropolitan Midtown, a three-building, 342,233-square-foot mixed-use development in Charlotte, N.C., through affiliated funds. According to public records, the Class A property changed hands for $90 million, while MetLife provided $61 million in acquisition financing.<\/p>\n

JLL negotiated on behalf of the seller\u2014institutional investors advised by J.P. Morgan Asset Management\u2014and secured the financing package for the buyer. Metropolitan Midtown last traded in 2013 for $94.4 million, Yardi Matrix data shows.<\/p>\n

Located at 1111 Metropolitan Ave., the property came online in 2008 and is LEED Silver certified. Metropolitan Midtown encompasses 170,589 square feet of office space, 171,644 square feet of retail, 101 residential condominiums and a 1,110-space parking structure, as well as a 1.3-acre development lot. According to JLL, the office component was 97.1 percent leased at the time of sale. A Trader Joe\u2019s anchors the asset\u2019s retail portion, while other tenants on the roster include national and local companies such as Marshalls, Best Buy and Zoe\u2019s Kitchen.<\/p>\n

Metropolitan Midtown is less than 2 miles from downtown Charlotte, just south of Interstate 277. The 8-acre property is roughly 3 miles from ATCO’s Camp North End, a 1 million-square-foot mixed-use development<\/a>.<\/p>\n

JLL Senior Managing Directors Ryan Clutter and Richard Reid, along with Senior Directors Chris Lingerfelt, Tom Kolarczyk, Hunter Barron and Zack Drozda, led the Capital Markets team assisting the seller, while Senior Managing Director Travis Anderson led financing efforts. In March, a JLL team that included Clutter, Lingerfelt and Drozda represented the seller in the $80 million disposition of two mixed-use assets<\/a> in Raleigh, N.C.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL secured $61 million in acquisition financing from MetLife.<\/p>\n","protected":false},"author":870,"featured_media":1004488000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21783,21752,21742],"tags":[33223,32796,32779,32924,34258,34947],"class_list":["post-1004487970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-investment","category-mixed-use","category-latest","tag-j-p-morgan-asset-management","tag-jll","tag-leed","tag-metlife","tag-northwood-investors","tag-ryan-clutter"],"acf":[],"yoast_head":"\nNorthwood Investors Closes $90M Charlotte Mixed-Use Buy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northwood-investors-closes-90m-charlotte-mixed-use-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northwood Investors Closes $90M Charlotte Mixed-Use Buy\" \/>\n<meta property=\"og:description\" content=\"JLL secured $61 million in acquisition financing from MetLife.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northwood-investors-closes-90m-charlotte-mixed-use-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-28T12:31:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-28T14:01:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Metropolitan-Midtown-l.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"302\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northwood-investors-closes-90m-charlotte-mixed-use-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northwood-investors-closes-90m-charlotte-mixed-use-buy\/\",\"name\":\"Northwood Investors Closes $90M Charlotte Mixed-Use Buy - 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