Uptown property that houses several restaurants, bars sells for $15.8M

A private equity real estate investment firm has closed on a retail property in uptown Charlotte.

Austin, Texas-based Westward Capital Group acquired Northside Station, at North College and East Sixth streets, for nearly $15.8 million, according to Mecklenburg County real estate records. The 36,611-square-foot property is fully leased to tenants Topgolf Swing Suite, QC Social Lounge, The Imperial, Lucky’s Bar & Arcade, Sabor Latin Street Grill and Jimmy John’s.

Westward paid about $430 per square foot for Northside Station, which was developed by Ascent Real Estate Capital, working in a joint venture with David Furman. The former warehouse building is more than 80 years old.

Topgolf is the building's newest tenant, having opened its first local smaller-format spinoff concept in Charlotte at Northside Station just a few weeks ago. Topgolf Swing Suite replaced beer garden Flight, which closed at the property earlier this year.

Jared Londry, director at Cushman & Wakefield who represented the seller in the transaction, said in a statement that the partners at Ascent had "great vision" when it acquired the property a little more than three years ago.

"Reducing the footprint of the tenant spaces to fit modern (food and beverage) requirements was part of the transformation," Londry said. "

The investment made to modernize the space while keeping the original integrity of the building that dates back to the 1930s is what made this asset special in the eyes of investors.”

https://www.bizjournals.com/charlotte/news/2019/11/26/uptown-property-that-houses-several-restaurants.html