CenterSquare Investment Management Expands Northwest Charlotte Footprint with $10.7 Million Acquisition of Riverbend Village Shops

CenterSquare Investment Management Expands Presence in Northwest Charlotte with New Acquisition

In a significant stride for both investors and the local community, CenterSquare Investment Management, based in Pennsylvania, recently announced the acquisition of a key piece of property in northwest Charlotte. The deal was finalized for an impressive $10.7 million and encompasses nearly 5.3 acres of the highly popular Riverbend Village Shops.

Details of the Acquisition

This latest acquisition includes an essential service retail property that spans 18,550 square feet and consists of four separate buildings. Located at 3842 Corning Place, this prime retail space is conveniently situated near the bustling intersections of Mount Holly-Huntersville Road and Brookshire Boulevard, making it an accessible spot for both residents and visitors alike.

What’s exciting is that with this purchase, CenterSquare has now invested in a total of 10 buildings within the Riverbend development, bringing their total footprint in the area to around 62,000 square feet. Over the past few years, they’ve strategically gathered the retail segments to solidify their presence in this vibrant community.

A Community Hub

Riverbend isn’t just another shopping area; it’s a master-planned community that boasts a variety of attractions. Among its highlights is the 375,000-square-foot headquarters of Corning Optical, as well as popular retail outlets like Harris Teeter, residential options including apartments and townhomes, and a planned Novant Health hospital. The area is building a reputation as a one-stop destination for daily needs.

According to Megan Varano, Vice President of Private Equity Real Estate at CenterSquare, this acquisition fits perfectly with their strategic aim. They focus on sourcing unanchored, high-quality essential service retail centers located in strong demographic submarkets. “Riverbend Village is the shopping destination for people living in northwest Charlotte to consume their everyday services,” Varano explains. This underscores the integral role Riverbend plays in meeting the needs of local residents.

High Occupancy Rate

Another point of interest is the occupancy rate of the Riverbend Village Shops. Since their investment, it has maintained an impressive 95% occupancy. Shoppers will find a mix of national favorites and local gems, including First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, and more family-owned businesses such as Nana Morrison’s and Nothing Bundt Cakes.

National and Regional Impact

Interestingly, Riverbend Village Shops marks CenterSquare’s 48th service property acquisition across the nation and its 18th in the Southeastern region, reflecting the firm’s commitment to this thriving market. Currently, CenterSquare manages approximately $14 billion in assets and operates 17 properties in the Southeast alone.

Noteworthy too is that CenterSquare’s expansion in Charlotte is not limited to this recent acquisition. In August 2023, they also acquired Trade Court Shoppes, a smaller but significant 15,000-square-foot property. They further expanded their portfolio with a purchase in Olde Lancaster Town Center in September.

Conclusion

The ongoing growth of CenterSquare in the Charlotte area is not just a win for the firm; it’s a win for the local economy and community. As Riverbend Village continues to develop, it is sure to attract even more businesses and customers, making it a lively and essential hub for everyone in northwest Charlotte.