J.P. Morgan Asset Management has sold Metropolitan Midtown, a premier mixed-use development featuring 342,233 square feet of office and retail space and a 1.3-acre development parcel in Charlotte, N.C.
The new owners are funds affiliated with Northwood Investors.
“Metropolitan Midtown is positioned within one of the most sought-after corridors for new development in Charlotte,” said Ryan Clutter, a senior managing director at JLL Capital Markets, which represented the seller and procured the buyer. “This area has experienced an unprecedented amount of new development, announcements, and investor demand in the last 24 months, driving rental rate growth and further tightening vacancy in the submarket.”
Completed in 2008, Metropolitan Midtown is one of the city’s premier urban mixed-use properties offering 170,589 square feet of office space and 171,644 square feet of retail, alongside a 1,110-space parking deck. The office component is 97.1 percent lease
