Feb
24

Charlotte’s Coliseum Center to be Sold

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A Texas real estate investment firm is under contract to buy the 218,000-square-foot Coliseum Center on East Independence Boulevard and is planning $15 million in renovations for the mostly vacant retail center.

FOMC, based in Austin, purchased The Shops at Westerly Station last year and expects to close on the Coliseum Center in June, says Greg Cervenka, who heads the firm. FOMC owns nine retail centers near or “shadow anchored” by Wal-Mart stores, and Coliseum Center is next to the Wal-Mart Supercenter on East Independence.

Cervenka is planning a complete makeover of the property, which is on 18 acres east of the intersection of Independence and North Wendover Road. Planned upgrades include a new facade, new roofs, mechanical systems, exterior lighting, signage and parking. Cervenka says he is negotiating leases with several national retailers for space at Coliseum Center. A selling point is more than 1,600 feet of frontage along Independence.

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