FCP, with JV partners Abacus Capital (Abacus) and Big Cypress Capital (Big Cypress), has closed on the acquisition of 4.33 acres at 2213 and 2218 Toomey Avenue in Charlotte, NC. The parcels are currently occupied by one-story warehouse buildings totalling 63,034 square feet that will be repositioned as a creative commercial district in the rapidly growing South End submarket.
“Our South End adaptive reuse redevelopment brings FCP’s extensive experience with this creative office format to an organically expanding and promising area of South End,” says FCP Senior Associate, Kevin North. North continued, “We are excited to be working alongside Abacus and Big Cypress to give this property a new and exciting purpose and look forward to sharing our vision in more detail as design continues.”
FCP has completed highly successful adaptive reuse redevelopments throughout the country including Sylvan Supply in Nashville, Stockyards in Atlanta, West Village and Venable Center in Durham and the Cigar Factory in Charleston (SC) with new projects underway at Westside Paper in Atlanta and Chadbourn Mill in Charlotte.
“Abacus Capital is proud to be partnering with FCP and Big Cypress Capital on this transformative redevelopment of an emerging and heretofore under-appreciated corridor in one of the most dynamic neighbourhoods in the entire Southeastern US,” says Wes McAdams, Managing Partner of Abacus Capital. “Our value-oriented business plan was conceived in a defensive investing environment and we are confident this project will be well positioned to outperform as economic conditions continue to improve.”
FCP Principal, Erik Weinberg, says: “The South End submarket of Charlotte is regarded as one of the most promising mixed-use submarkets in the eastern US due to its continued job growth and corporate relocations — attributable to Charlotte’s business-friendly environment, financial services and tech employment base, international airport, quality of life and cost of living. FCP strongly believes that its adaptive reuse strategy remains well-suited to providing a differentiated offering to companies seeking real estate as a means to grow corporate culture, attract and retain the best talent and distribute its workforce in response to the global pandemic.”
“Over the past few years South End has graduated from a ‘submarket to watch’ to arguably one of the most established and sought-after districts in not only metro Charlotte but the entire Sun Belt itself,” says John Ball, a Partner at Foundry Commercial. “This development team has a fantastic track record of delivering authentic, dynamic and highly responsive projects and we could not be more excited to be bringing these buildings to the market for them. We anticipate that the proximity to South End’s core residential and retail corridors and the easy access via I-77 and West Tremont should help these assets appeal to a broad swath of the prospective tenant universe.”
Foundry Commercial’s John Ball and Claiborne Dandridge have been retained to lease the project while Foundry will also manage the project. JLL arranged the financing and First Carolina Bank is the lender. Redline Design and the McAdams Company will be the design team of record on the project.
