This article was originally published by Charlotte Business Journal online on July 22, 2015.
EXCLUSIVE: Former Charlotte Kmart sells for $2.8M; office use planned
The vacant former Super Kmart building on Sardis Road North has a new owner that plans to redevelop the site.
The 160,000-square-foot building has been purchased for $2.815 million by G&I VIII Sardis Road LLC, a joint venture between DRA Advisors LLC and Mainstreet Capital Partners.
Keely Simerville of MPV Properties represented the seller in the transaction. Brad Grow of Colliers International represented the buyers.
The building is on a 21.5-acre parcel in the CrownPoint development, off Independence Boulevard.
Plans call for transforming the big-box retail space to an office use.
Built in the 1980s, it was initially home to Kmart and, later, apparel retailer Steve & Barry’s. The space has been vacant for five-plus years, since Steve & Barry’s closed.
“We are constructing new exterior and interior finishes to deliver fresh, contemporary office space with maximum parking capacity and flexibility for large, high-density users,” says Peter Tonon, executive vice president and partner with Mainstreet Capital.
No timetable was available for when the transition will occur. Charley Leavitt with JLL is handling leasing of the space.
Simerville notes an alternative use such as a call center would also be possible.
“It is really no longer a viable retail site due to its lack of visibility and the fact that the major retail development shifted southeast to Highway 74 at Highway 51 over a decade ago.”
Jennifer Thomas, Charlotte Business Journal
