Ferncroft Capital Sells Northlake Commons for $31.5 Million

Northlake Commons was completed in 2006 and sits on 22 acres bounded by West WT Harris Blvd, Northlake Center Pkwy and Northlake Mall Dr.

Ferncroft Capital, in a joint venture with a fund advised by Crow Holdings Capital, has sold the Northlake Commons retail center for $31.5 million to American Realty Capital – Retail Centers of America Inc, a real estate investment trust.

Northlake Commons features 78,839 SF of in-line shop space anchored by Panera Bread and Men’s Warehouse. On five outparcel sites surrounding the shops, Olive Garden, On The Border, Chili’s, Chick-Fil-A and Red Robin have built a total of nearly 30,000 SF of restaurant space.

The joint venture purchased the 108,446 SF retail center adjacent to Northlake Mall for $22 million in 2011.

“This sale culminates the value-add strategy we put in place when we purchased the asset,” John Hollmeyer, a principal at Ferncroft Capital, said in a statement. “Our leasing team did a tremendous job and once we stabilized the asset it was compelling to sell, given the appetite for quality Class-A retail projects in Charlotte.”

New South Properties of the Carolinas handled the leasing for Ferncroft and Crow Holdings. Berkeley Capital Advisors represented the joint venture on the sale, and Chris Cotten of Lincoln Property Co., along with Chris Vasbinder and Johno Harris of Lincoln Harris, represented the buyer. Lincoln Harris will lease and manage the center going forward.