Development

Part of a shopping center near uptown has been sold for $30 million

The development in 2008, shortly after it opened. WENDY YANG - wyang@charlotteobserver.com
The development in 2008, shortly after it opened. WENDY YANG - wyang@charlotteobserver.com Staff Photographer

A midtown Charlotte shopping center has been sold for $30 million, its owner said Monday.

New York City-based Property Markets Group sold Midtown Crossing – which includes the BJ’s Wholesale Club and Petco at the Metropolitan shopping center - to Bluejay Management. The deal closed Jan. 4, Mecklenburg County real estate records show. Bluejay is based in Lawrence, NY.

The sale includes 122,830 square feet. Target, also located in the same building, owns its own store as a separate condominium unit in the development.

“We bought Midtown Crossing because of its solid residential population and its long term tenants, the brand-name retailers serving Charlotte’s up-and-coming Midtown neighborhood,” said PMG founder Kevin Maloney, in a statement. “When Bluejay came calling, we tookadvantage of their strong offer and decided to sell.”

PMG bought the property from Home Depot in January 2015 for $14 million. At the time, the BJ’s space had sat empty for more than five years, since a high-end Home Depot Design Center there closed in 2009 during the recession, shortly after the shopping center opened.

BJ’s signed a lease and opened in November 2015, taking just over 101,000 square feet, while Petco opened last year, in the remaining space.

Ely Portillo: 704-358-5041, @ESPortillo

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