$10 million sale for south Charlotte shopping center leads to makeover plans
A Chicago-based developer is planning a facelift for a south Charlotte shopping center it recently purchased, the latest change in a fast-growing area.
Centrum Realty & Development purchased Seneca Square, an 80,000 square-foot shopping center at the corner of South Boulevard and Tyvola Road, for $10 million last week, according to Mecklenburg County real estate records.
It’s Centrum’s first acquisition in Charlotte, said managing partner Larry Powers. He said the company was confident about the long-term outlook for real estate in Charlotte.
“We could see there was great potential, a ton of runway left for this market,” Powers said.
The multimillion dollar renovations will include both interior and exterior improvements, Powers said, and the firm will work to bring in several new tenants. The center, which is around 80% occupied, is home to businesses like Vietnamese restaurant Saigon Palace, Office Depot and smoke shop Infinity’s End.
The cost for the upgrades has not been set yet, according to Powers.
Powers said the firm wants to work with current tenants to renovate or downsize their spaces.
South End growth
Growth in South End is fueling expanding development along South Boulevard. Around two miles up South Boulevard, new breweries, offices and residences are being built in the neighborhood developers are branding “Lower South End,” or “LoSo.”
Centrum was drawn to the South Boulevard shopping center, Powers said, because of its location near the highway and along the route to the offices in SouthPark.
He said the firm plans to work with current and prospective tenants to finalize its plans over the next six months. The company will likely start construction two months after that.
This story was originally published February 16, 2021 at 3:43 PM.
