McCullough Commons

230 E W T Harris Blvd, Charlotte, NC, 28262-3492, US

Description

JLL is pleased to exclusively offer for sale, McCullough Commons, a 246,129 square foot shopping center located in the University City submarket of Charlotte, NC. The center draws over 2.3 million visitors annually and features a diverse tenant mix, including national and regional retailers. The asset is anchored by an Ashley Store + Outlet, which recently executed a lease renewal and also updating this store to their latest Ashley 7.0 concept, demonstrating long-term commitment to this location.

McCullough Commons benefits from it's prominent location in the rapidly growing University City submarket, which if it was its own city, would be the 6th largest city in North Carolina. The shopping center also benefits from direct proximity to major economic drivers such as UNC Charlotte, the 2nd largest and fastest growing university in NC, the University Research Park, and access to Uptown Charlotte through the light rail system.

There are several value-add opportunities for new ownership to pursue, including mark-to-market retail shop leasing (35% of GLA below market), a 367-unit self-storage facility in its first year of lease up, and an entitled multifamily land parcel.

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Attributes

Building area net

22,866 sm

Occupancy

96%

Year built

2000

Land area net

5 ha

Media

Investment highlights

PRIME LOCATION IN EXPANSIVE UNIVERSITY CITY SUBMARKET

High-traffic corner with 79,000+ VPD at intersection of E WT Harris Blvd and N Tryon St
94% population growth within 1-mile radius from 2010-2025

SIGNIFICANT VALUE-ADD UPSIDE AND LAND DEVELOPMENT OPPORTUNITY

35% of shop GLA (50,503 SF) is below market with $345K+ rent revenue upside potential
Additional revenue opportunity through lease up of 367 self-storage units
Entitled land parcel for multi-family development

TOP-PERFORMING CENTER AT STRATEGIC LOCATION

2.3M annual visits with 11.6% increase in customer visits over the past year
Ranks in top 15% of centers in North Carolina and top 20% nationally
Proximity to UNC Charlotte Campus, NC’s Second Largest University w/ 31,000 Students

DIVERSE, SERVICE-ORIENTED TENANT MIX IN INSTITUTIONAL SUBMARKET

Unique destination focused tenant base with several food & beverage, & service tenancies
Located in established institutional submarket with long-term stability