Oct
14

Charlotte’s Ballantyne Village Sold

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The owners of the EpiCentre complex in uptown have purchased the Ballantyne Village development in south Charlotte for $26.1 million.

We told you back in August that Vision Ventures and Mount Vernon Asset Management were actively pursuing the project, which was marketed for sale after its previous owner handed the property over to its lender, a group of commercial mortgage-backed securities holders.

Ballantyne Village consists of 140,000 square feet of retail space and 25,000 square feet of office space and is at the intersection of U.S. Highway 521 and Ballantyne Commons Parkway. The development features a recognizable glass atrium and LED-lit crown.

Ted Hill, vice president of Vision Ventures, says the two firms look for well-located real estate that is impaired but has strong upside potential, and Ballantyne Village met those criteria. When the center was marketed for sale earlier this year, it was about 74% occupied. Hill says the new owners will focus on finding the right long-term tenant mix.

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