CHARLOTTE, N.C., Dec. 5, 2017 /PRNewswire/ -- Charlotte-based investment firm Red Hill Ventures is breathing new life into East Town Market, one of East Charlotte's landmark commercial properties. For over 30 years, this open-air retail and office complex has been the hub of the surrounding community, offering its residents access to a diverse mix of retailers, restaurants, and services.
Plans to rejuvenate the 182,362-square-foot property include extensive renovations to the center's exterior features and office/professional complex, changes which will integrate seamlessly into the vibrant urban character of the diverse community which it serves.
Efforts are also underway to strengthen the overall tenant mix – both merchant and professional – to provide area residents with a comprehensive offering of retail, dining, service and professional services, in effect making East Town a one-stop, do-all destination.
Red Hill Ventures purchased the 182,362-square-foot complex, located on Milton Road at the junction of N Sharon Amity Road and E W.T. Harris Boulevard, in September 2017 for $13 million.
"We'd been looking for a commercial investment in East Charlotte for some time," said Todd Collins, CEO of Red Hill Ventures. "The East Town property was the perfect fit for us. We generally seek properties with what we see as untapped potential because they've been neglected over some time – whether under-managed, under-capitalized, or both."
"We see tremendous opportunity with this location," Collins added. "This area of East Charlotte is very dynamic, with a diverse mix of cultures and residents, but overall lacking in traditional shops, dining and everyday services. Our hope is that East Town Market will fill that void."
Capital improvements are underway at the center, with the execution of clean, contemporary updates to the center's exterior façade, architectural details, and office suite complex. The 1980's-era exterior is getting new paint, signage, landscaping, and outside lighting. The parking lot will be repaved, awnings are being added, and attention will be paid to some of the structure's unique architectural detail such as its support columns and the center's distinctive steel dome.
Anchored by Compare Foods and Parkway House Restaurant, the retail section of the complex is comprised of 142,212 square feet. The 46 units are located on the ground level with storefront visibility and face either W.T. Harris Blvd, N. Sharon Amity, or the courtyard.
Located on the second floor is Level 2, a 40,150-square-foot, 33 unit office and professional suite complex offering tenants custom build out options and interior design enhancements from a portfolio of select and contemporary finishes. While renovations are underway, tenants will have the opportunity to customize one or multiple spaces to suit specific size and floor plan needs.
Additional amenities include an onsite management office, shared conference room and kitchenette, full service lease agreements, and dedicated parking separate from the retail parking areas.
While Red Hill's portfolio includes a mix of both residential and commercial restorations, the East Town project is its first commercial venture in the Charlotte market. "Our focus is on urban regeneration and responsible transformation of urban markets," said Collins. "With its eclectic mix of diverse communities, emerging commercial corridors and historic neighborhoods, the investment opportunities in Charlotte are the perfect fit for us. Holistic neighborhood development is at the core of what we do."
For additional information on East Town Market, visit www.easttownmarket.com. For leasing information, please contact Rodney Faulkner, Managing Partner, Legacy Real Estate Advisors. Office: 704-373-1800, Cell: 704-615-1008.
About Red Hill Ventures
Headquartered in Charlotte, NC, Red Hill Ventures is an investment firm that focuses on commercial real estate and technology industries with operations in North Carolina, Texas, Maryland, and Washington, DC. Established in 1997, the company was founded as an investment holdings firm for a growing list of real estate operations and technology ventures. Specializing in urban regeneration and responsible transformation of urban markets, the firm focuses on under-maintained and under-managed properties – investing not only in the properties but the communities in which they are located as well. For more information, visit www.redhillventures.com.
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SOURCE Red Hill Ventures