Colonial Properties Trust announced this week that it had sold Metropolitan Midtown, a mixed-use project in Charlotte, North Carolina, for $94.4 million. In the cash deal, an institutional investor advised by JPMorgan Asset Management purchased the development for $276 per square foot. Ryan Clutter, Christopher Decoufle, Mike Burkard and Patrick Gildea of CBRE represented Colonial, according to a CoStar report.
Metropolitan Midtown opened in 2008, developed by Colonial with Pappas Properties and and Collett & Associates, and includes 170,000 square feet of office space and 172,000 square feet of retail space. Anchored by Target, Marshall's, Best Buy and Staples, the property at 1225 Baxter St. was 93.5% leased as of December 31, 2012.
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