More Retail Development on Horizon
With strong residential comes improving retail, says Hawthorne Retail Partners director of leasing Ryan Preston. (No apartment is complete without a lamp.) He anticipates that Charlotte's retail market will see more new development kick off over the next 12 months as occupancy levels rise. "Housing is returning steadily, and retail vacancies are declining," he tells us, adding that while the trend isn't necessarily consistent across the entire market, it's benefiting most submarkets. Recently Hawthrone completed the lease-up of Catalyst--a mixed-use tower adjacent to Romare Bearden Park (pictured)--to nearly 100%. One of the new tenants is the first Reebok-endorsed Crossfit gym in the Carolinas.
As their properties lease up--and potential competition looms in the form of development--retail owners are still looking to refinance their properties, despite the recent interest rate volatility. Or maybe because of it, Capital Advisors' Clark Jenkins tells us. "The volatility had some effect on demand this summer," he says. "Mainly making borrowers eager to lock in rates at current levels before the end of the year." Recently Clark oversaw the $12M refi of Morrisville Marketplace, a 78k SF Walmart anchored property in Morrisville.
