Jul
25

Charlotte’s Park Road Shopping Center is sold for $82 million

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Three N.C. universities received huge windfalls Tuesday after selling Charlotte’s venerable Park Road Shopping Center for $82 million to a company with a history of operating neighborhood-based retail centers on the East Coast.

Wake Forest University, Queens University of Charlotte and Wingate University became the 60-store complex’s owner only last month after it was donated by 91-year-old Charlotte philanthropist Porter Byrum, who’d owned the center since 1967.

As Byrum stipulated, Wake Forest, where he went to undergraduate and law school, will receive slightly more than $40 million, or 49 percent, from the sale. Queens and Wingate will each receive $20.9 million, or 25.5 percent, according to Wake Forest.

The schools sold Park Road to retail developer Edens & Avant, known for developing and operating “community-focused” retail complexes from Boston to Miami.

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