The owner of Ballantyne Corporate Park has purchased the Metropolitan complex just outside of uptown and a nearby piece of land for $92 million, property records filed with Mecklenburg County on Tuesday show.
Northwood Investors bought the retail and office center this week from the previous ownership group, made up of institutional investors advised by J.P. Morgan Asset Management. That’s according to a news release Tuesday from real estate firm JLL, which represented the seller.
The property houses Trader Joe’s, Marshalls and Best Buy, as well as restaurants and other local businesses.
Northwood Investors’ acquisition of the Metropolitan reinforces its commitment to Charlotte, John Barton, president of subsidiary Northwood Office, said in a statement.
In the single-largest real estate transaction in Charlotte’s history, Northwood Investors spent $1.2 billion to purchase Ballantyne Corporate Park in 2017. Northwood Office has since announced plans for a $1.5 billion revamp of the park, which