Ballantyne Village Mixed Use Development

Deal Summary:
– 2004 ground-breaking for a 180,000 sf mixed-use development
– 2011 original developer loan default and lender foreclosure
– 2013 Vision Ventures purchased the failed project for $26,100,000.00
– 2013 Vision Ventures began to execute a redesign and renovation plan
– 2013 Vision Ventures began to execute on a lease up plan
– 2014 Vision Ventures completed a pocket Park to host large events
– 2015 Vision Ventures successfully settled a favorable outcome on a litigation involving parking easements and title issues
– 2015 Vision Ventures began a creative advertising and media program adding significant revenue
– 2015 Vision Ventures completed the redesign and renovation
– 2016 Vision Ventures sold Ballantyne Village for $43,250,000.00

The Property, located at 14825 Ballantyne Village Way, is 180,000 square foot mixed-use project. There is 155,000 square feet of Class A retail below 25,000 square feet of office space spread throughout three (3) buildings in an open-air lifestyle center format. The Property sits on just over 7.3 acres. Parking, at a ratio of 4 spaces per 1000 square feet, is situated between surface lots and a multi-level parking garage connected to the property via a pedestrian bridge. The Property sits at the premiere intersection of the Ballantyne submarket at the intersection of Ballantyne Commons Parkway and Johnston Road/Highway 521.

Vision Ventures purchased the failed project in 2013 for $26,100,000.00 from a CMBS loan special servicer who was awarded the property through a loan default. Vision Ventures first focused on the redesign and renovation of the center along with a master leasing plan to correct the tenant mix. The non-thriving tenants were right-sized and/or relocated within the center while new tenants were signed to complete the center’s synergy. In addition to completing comprehensive deferred maintenance projects, Vision Ventures added several common area gathering areas as well as a pocket park to host larger events.

A comprehensive signage and wayfinding plan was part of the renovation efforts. Vision Ventures added a creative advertising and media program to the center which launched with a large convex digital billboard in addition to multiple non-digital ad space and interactive amenities. Vision Ventures was successful in settling a favorable outcome in a litigation involving parking easements and title issues. In April 2017, Vision Ventures successfully sold Ballantyne Village to New York real-estate development firm Stonemar, along with their investor group ARA, for $43,250,000.00.