CHARLOTTE, N.C. — A major real estate owner in Charlotte has beefed up its local portfolio after purchasing the mixed-use Metropolitan property in midtown.
Funds affiliated with Northwood Investors paid nearly $92.3 million for the Metropolitan Midtown complex and site, which includes 170,589 square feet of office space, 171,644 square feet of retail and a 1,110-space parking deck. Northwood also purchased a 1.3-acre undeveloped parcel adjacent to the complex as part of the deal.
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Northwood is best known locally as the owner of Ballantyne Corporate Park in south Charlotte, which it paid more than $1 billion for in 2017.
Institutional investors advised by J.P. Morgan Asset Management sold the Metropolitan, at 1111 Metropolitan Ave. The property finished construction in 2008 and JPMorgan acquired it for $94.4 million in 2013.
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