Centro Square, a new apartment community in Charlotte’s Wilmore neighborhood, traded this week for $48.5 million.
Local commercial real estate firm Collett Capital purchased the property at 222 West Blvd. from Charlotte-based Ascent Real Estate Capital. Newmark arranged the sale, which closed on Oct. 24, according to Jason Kon, the firm’s senior managing director.
Ascent, alongside Centro Cityworks, paid $4 million for a portion of the land, according to Mecklenburg County real estate records. The developers broke ground on the multifamily project in September 2020, and the project delivered earlier this year. The apartment community has 132 units and is about 90% leased. It totals 64,304 square feet, which includes 8,313 square feet of ground-floor retail that will be anchored by Bulldog Beer and Wine.
Centro Square is part of a larger mixed-use project, The Square at South End, which was developed by Beacon Partners. In June, USAA bought the 156,401-square-foot building from Beacon for nearly $97 million.
Kon said he began taking offers on the property in mid-summer and eventually determined Collett to be the right fit. Collett acquired a sister property in South End, Centro Railyard, in February 2021 for $30.2 million.
“They’re pretty enamored with the location and runway that South End still has with a lot of office scheduled to deliver over the next 24 to 48 months,” he said. “(Collett) liked the efficiencies of Centro Square, which is the same kind of micro concept as (Centro Railyard).”
Kon said the sale price works out to about $750 per square foot. That per-square-foot price encompasses the multifamily and retail aspects of the property.
Source: Charlotte Business Journal