A longtime shopping center and office complex in east Charlotte is set to get a major overhaul after being acquired by new owners.
Charlotte-based Red Hill Ventures bought East Town Market in September for $13 million. The real estate company plans to renovate the buildings and bring in new tenants to the complex of buildings at Milton Road, East W.T. Harris Boulevard and North Sharon Amity Road.
“We’d been looking for a commercial investment in East Charlotte for some time,” said Todd Collins, CEO of Red Hill Ventures, in a statement. “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.”
Retail tenants at East Town Market include Compare Foods, a Latino-oriented grocer, Octapharma Plasma, several fast-food restaurants and Parkway House Restaurant. The center totals more than 182,000 square feet.
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Renovations at the 1980s buildings include a new facade, repaved parking lot, new landscaping and painting, and extensive changes to the second floor of part of the development, which will include 33 office units for rent.
“Our focus is on urban regeneration and responsible transformation of urban markets,” said Collins. “We see tremendous opportunity with this location. This area of east Charlotte is very dynamic, with a diverse mix of cultures and residents.”