The Terraces at Park Place, Pineville, Charlotte, North Carolina
The Terraces at Park Place is a supermarket anchored shopping centre, renovated in 2001, and consisting of 1 main building and 2 adjoining buildings collectively containing approximately 82,400 square feet on a 408,200 square feet site. The property is well leased and incorporates a number of national retailers including a Bi-Lo supermarket, a Starbucks outlet, Alltel Communications and a large tenancy leased to KB Homes as a display home showroom.
- Purchase Price (USD)
- 14,750,000
- Lease Expiry (from July 1 2008)
- 5.4 years by income
- Major Tenant
- Bi-Lo
- Expiry (Major Tenant)
- November 2016
- Building Area
- 84,400 square feet
- Site Area
- 408,200 square feet
- Car Spaces
- 410
Location
The Terraces at Park Place is situated 19 kilometres from the Charlotte Central Business District. The property occupies a prominent site with frontages to Pineville-Matthews Road (Highway 51), the Interstate 485 (the Charlotte Ring-Road) and Park Road. In a trade area analysis undertaken by Deep End Services it estimated that:
- The population growth rate within the catchment area is expected to average 0.7% per annum between 2006 and 2011
- The area is quite affluent with predominantly smaller households and significant concentrations of younger adults who are often renting
- The Bi-Lo supermarket is expected to increase turnover at an average rate of 2.4% per annum between 2006 and 2011.