4401 Barclay Downs Drive will be Redeveloped for Multifamily and Retail
CHARLOTTE, NC, October 4, 2017 – Cushman & Wakefield announced today that it has negotiated the $13.2 million sale of 4401 Barclay Downs, a 38,300-square-foot, four-story office building located on 2.7 acres in Charlotte’s prestigious SouthPark neighborhood. The site will be redeveloped as multifamily and retail and will provide a more pedestrian friendly environment along Barclay Downs Drive.
Cushman & Wakefield Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton represented the seller, a partnership of private investors. The buyer, ZOM Carolinas LLC, acquired the asset.
4401 Barclay Downs is located immediately adjacent to SouthPark Mall and is currently home to an office building anchored by Charlotte law firm – Culp, Elliott & Carpenter. Culp Elliott & Carpenter is relocating and expanding to Three Morrocroft Centre and will remain in the SouthPark area. The 2.7-acre site is positioned along a highly visible location on Barclay Downs Drive with nearly 600 feet of road frontage and multiple entrances, two with direct access to SouthPark Mall. Exceptional retail, office and hotel offerings are located within walking distance. Uptown Charlotte and the Charlotte Douglas International Airport are a short 15 minute drive from the property.
ZOM’s planned redevelopment of the site includes a six-story, Class AA luxury midrise building featuring 203 multifamily units, 14,000 square feet of retail, and more than 8,000 square feet of leasing and amenity space. The improvements will establish connectivity from the Barclay Downs neighborhood and office buildings along Carnegie Boulevard to the mall and help SouthPark achieve its vision of growing into a dynamic, walkable and pedestrian-friendly community.
“SouthPark’s ‘Live, Work, Play, and Stay’ mentality along with the increasing urbanization of the area and underutilization of the site provided the opportunity to revitalize and redevelop a trophy site in one of Charlotte’s premier multi-use neighborhoods,” said Londry.
Cochran added, “4401 Barclay Downs provides a rare opportunity to create a denser development and pedestrian-friendly connection between SouthPark Mall and the office, retail and multi-family along Carnegie Boulevard.”