by: Peter Daut Updated:
CHARLOTTE, N.C. - The Ballantyne Village Development has been purchased by the owners of Uptown's EpiCentre for a lot less than what it was worth before the recession.
Seven years ago, it appraised for more than $50 million. But the complex on the corner of Johnston Road and Ballantyne Commons Parkway just sold for about half that, at $26.1 million.
"We just think this property has nowhere to go but up," Ted Hill, the vice president of Vision Ventures, said.
The company teamed up with another local real estate firm to buy the 170,000-square-foot property.
The investment group also owns the Rosewood Condos in South Charlotte and the EpiCentre -- both properties, which like Ballantyne Village, fell on hard times during the recession. Hill said the group specializes in turning around properties in distress.
The owner of Rush Espresso welcomes the change in ownership.
"We're very very hopeful, knowing the way that they run other businesses here in Charlotte, that things are going to pick up a lot," owner Paul McConachy said.
Right now, Ballantyne Village is about three-quarters leased, but the investment group is optimistic it can attract new businesses and customers alike.