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By Elise Franco – Staff Writer, Charlotte Business Journal
An Illinois real estate investor has acquired Shoppes at Davis Lake, a retail center in north Charlotte.
InvenTrust Properties, based in Downers Grove, Illinois, purchased the property at 8505 Davis Lake Parkway for $22.4 million in a sale that closed on June 2, according to Mecklenburg County real estate records. Charlotte-based Cambridge Properties had owned the 21-acre property since 2004.
The 90,820-square-foot property is 95% occupied and anchored by Harris Teeter. Other tenants include Starbucks, Allstate, The UPS Store, H&R Block, Burn Boot Camp and Chex Grill.
Jay Priester, Cambridge president, said the property has been a successful asset since it was originally developed 17 years ago. He said the firm wasn’t actively looking to sell when the opportunity arose.
“We just really had the right buyer in InvenTrust,” he said. “With the lack of grocery-anchored shopping center inventory right now, we felt it was the best time to sell.”
Priester said Cambridge is planning to reinvest the funds into new grocery-anchored developments they’re working on.
“It’s really the lifecycle of the project and the development,” he said.
Charlotte-based Berkeley Capital Advisors represented Cambridge in the sale.
This article was originally posted in the Charlotte Business Journal.