Belmont development formerly home to Catawba Brewing in line for renovations after $11M sale

A mixed-use development in Charlotte's Belmont neighborhood is under Ascent Real Estate Capital, in partnership with PointBlank Ventures, acquired Hub 933 at|933 Louise Ave. yesterday from a limited liability company called 933LAP.

The Charlotte firm paid $11 million for the property, according to Mecklenburg County real estate records. The previous owner purchased the property in 2017 for $1.6 million, county records show.

Jack Spence, vice president of Accent Real Estate Capital, said the firm has a history of investing in adaptive-reuse and mixed-use properties. Spencer said Ascent is planning capital improvements to the development. An estimated investment was not available

"We're really comfortable with this vintage (type) of property and tenant mix," he said. "The (former) owners were at the point where they put all the love they could into the property. It's at a good place for us to come in and take it to the next level."

Spencer said improvements will include a new patio and canopy system that will help create a more cohesive sense of arrival for those visiting the property. Ascent also plans to add exterior lighting, repaint the building and incorporate murals by local artists.

Inside, the entrance corridor will undergo a significant remodel that will include lighting, flooring and wall coverings to promote a more professional environment for tenants, Spencer said.

The 60,000-square-foot adaptive-reuse building is a former Kellogg's bakery facility. built in 1945. It is 75% occupied. Current tenants include The Royal Tot, Sandwich Max, BATL Axe and Hygge Coworking, which occupies 28,000 square feet.

Catawba Brewing occupied a 10,000-square-foot space at the development for six years before shuttering that taproom in August 2023. Spencer said Ascent is targeting one or more food and beverage users for the space "in order to continue to the property's legacy as a gathering spot for the neighborhood.”

Spencer said there is also opportunity in the interior corridor suites to create additional office space

"Because they're interior-facing, they set up well for office, he said. "These types of properties are driven by food and beverage, so if we can get a really good tenant in that end-cap space, it'll make the interior suites much more appealing to high-quality office tenants."

Ascent's other mixed-use projects in Charlotte include The Shop, a more than 42,000 square-foot adaptive-reuse creative office and retail project on North Graham Street; 200 South Side, a 20,000-square-foot former warehouse in lower South End that is now the headquarters for DPR Construction; and The Foundry, a 53,000-square-foot office and retail property in uptown near Bank of America Stadium.

https://www.bizjournals.com/charlotte/news/2024/06/26/933-louise-belmont-property-sale-renovations.html