Northridge Capital and Insite Properties Break Ground on The Refinery in Charlotte, NC
WASHINGTON, Nov. 9, 2017 /PRNewswire/ -- Northridge Capital, LLC, is pleased to announce its partnership with Charlotte, NC-based developer Insite Properties and ground-breaking on The Refinery, a 107,000 square foot Class-A creative office and retail project located in the dynamic Midtown submarket at 1213 West Morehead Street in Charlotte, NC. As a gateway to the Freemore West neighborhood and directly across from the I-77 off-ramp, the Refinery will revive a highly visible site walkable to some of the City's most popular restaurants.
Featuring smart building technology, the "industrial modern" building is designed for companies seeking a creative and inspiring environment. The Refinery will have a total of five floors with four upper levels of 22,500 square-foot efficient floorplates over first-floor retail. The first floor will have 16' ceiling heights complimenting office floor heights of 10' – 14' with floor-to-ceiling glass. The Refinery will offer panoramic views of the Queen City's skyline and a rooftop amenity that will provide additional outdoor meeting/gathering space for tenants, visitors and guests with vast views of the Queen City, including Bank of America Stadium.
The Refinery's location at the Morehead Street exit off I-77 is in the highly sought-after South End/Midtown submarket and is an easy walk to a number of restaurants in the trendy Freemore West neighborhood such as Pinky's West Side Grill, Savor Cafe and Rhino Market, popular bars, retail and exercise concepts. It is a true "live/work/play neighborhood" less than half a mile from Uptown Charlotte and a short walk to Irwin Creek and Stewart Creek Greenways. The Refinery will sit adjacent to a 287-unit Class A multi-family project currently under construction. The Refinery will include free parking in a 350-space parking deck built for tenants and visitors. It will also provide electric vehicle charging stations, interior bike storage, private showers and locker rooms on the first floor, and a tenant friendly gathering space in the main lobby.
"We are delighted to partner with Insite on development of The Refinery project," said David Jackson, President of Northridge Capital. "This venture represents an expansion of our ongoing relationship with Insite and our commitment to this dynamic submarket." Northridge and its investors already own the Grinnell Water Works Building two blocks west of The Refinery site, which it purchased last year from Insite and which Insite continues to lease and manage. Northridge sourced investor equity through its relationship with Cap Corp Investment Company of Kuwait. Cap Corp Investment Company was founded in 2008 as a Shariah-Compliant Kuwaiti Closed Shareholding Company, and focuses on investment products ranging from asset management, financial markets, corporate finance, and private equity to real estate development.
David Etemadi, VP, Acquisitions at Northridge, added "We are thrilled to close on our financing and immediately begin construction on a Project that takes design cues from the rich historic and creative feel of Freemore West with state-of-the-art, Class A office amenities. Furthermore, with a Class A direct office vacancy rate below 5% in Midtown, we believe there is demand for this much-needed product."
"We are pleased to start work on The Refinery, bringing much needed creative Class A office and retail space to the rapidly developing West Morehead corridor," said Jay Blanton, Founder and Managing Principal of Insite Properties. "The Refinery will offer an adaptive re-use feel with the features and amenities of brand new construction that will both redefine and blend into the diverse and ever-changing face of West Morehead and further solidify it as a new hot spot in the Queen City."
JLL's Barry Fabyan and Charley Leavitt are representing the development team in office leasing execution; John Hadley of The Nichols Company is responsible for first-floor retail leasing. BB+M Architecture has been tapped as the architect, LandDesign is the civil engineer and Edifice Construction is the general contractor. The Refinery is slated to deliver in fall 2018
About Northridge Capital
Northridge Capital, LLC, based in Washington DC since its founding in 1997, is a real estate private equity firm focused on representing international high-net worth families and institutions. As an independent real estate asset management firm, Northridge Capital has successfully generated superior risk-adjusted returns to investors since its inception, demonstrating the ability to acquire, manage and sell real estate assets across a wide variety of property types and geographic areas. On behalf of investors, the company has invested in more than 50 assets, with a combined value of $962 million. The current portfolio has a value of $528 million.
About Insite Properties
Insite Properties, LLC, founded in 2001, is a full-service commercial real estate firm based in Charlotte, NC with additional offices in Charlottesville, Va. Insite is regionally focused on professional and medical office development, acquisition, leasing and properties management opportunities throughout the southeastern United States. Insite acquires and develops properties directly or with a variety of joint venture partners in an effort to be involved in quality projects that add to the communities within which they exist and provide market risk adjusted returns for itself and its investment partners.
SOURCE Northridge Capital, LLC
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