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Hines Trust buys Historic Charlotte Design Center for $170 million
The 238,733-square-foot property is 88% leased and spans retail and creative office space after a prior conversion timeline.
Hines Global Income Trust has acquired the Design Center of the Carolinas from Asana Partners for $170 million, according to ConnectCRE.
The complex, previously known as the Nebel Knitting Mill, was originally built in the 1920s. Asana bought components of the development in 2016, converting the buildings to office use in 2008, with retail added in 2020, the outlet said.
ConnectCRE reported the asset totals 122,000 square feet of retail space and 117,000 square feet of creative office space, and that the property is 88% leased.
The transaction had representation from Paul Zarian and Hines’ Jesse Amundson for the buyer, while Ryan Shore and Miles Theodore of Eastdil Secured represented Asana Partners, ConnectCRE added.