NorthMarq negotiates $3.5 million construction loan for Park-N-Shop in Charlotte, North Carolina
CHARLOTTE, NORTH CAROLINA (January 29, 2021) – NorthMarq arranged a $3,500,000 loan for the redevelopment of Park-N-Shop, a storied 1960s building and former home of a popular grocery store on Wilkinson Boulevard into 33,000 square feet of office space. The asset sits just three miles west of the Uptown Charlotte CBD and four miles east from Charlotte Douglas International Airport.
NorthMarq’s Charlotte Debt & Equity team of Lawrence Larisma, senior vice president, and Ryan Taylor, investment analyst secured the financing for the property through a regional bank. The loan was structured with a seven-year term and competitive pricing.
The building, to be rebranded as Park-N-Workshop, currently sits in a west Charlotte opportunity zone where it has sat vacant for the past sixteen years. The original Park-N-Shop opened nearly seventy years ago, boasting its recognizable sloped roof and large parking lot, both of which remain to this day. The building’s new design will preserve much of the original look of the asset but will be modernized and flexible for today’s office and retail users.
Charlotte’s office market has thrived in recent years and continues to surge despite the ongoing pandemic. Demand for modern office and retail space has been driven primarily by large financial companies, which have allowed for strong rent growth across the metro. This fast growing demand has instilled confidence in developers, who continue to invest in both ground-up and redevelopment projects such as Park-N-Shop. Charlotte’s vacancy rate continues to sit below the national average, allowing for above average rents and sales prices as of the first quarter of 2021.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
