– 2006 ground-breaking for the mixed-use project
– 2008 first tenants open with TCO’s
– 2010 development forced into bankruptcy with 62% occupancy
– 2010 Vision Ventures purchased the loan from Regions, Raymond James and First Carolina Bank
– 2011 Vision Ventures files a adverse creditors plan with the court
– 2012 Vision Ventures acquires the fee simple title through the court for $42MM
– 2012-2014 Vision Ventures invest $23MM to improve and stabilize project (94% occupancy rate)
– 2014 Vision Ventures sells the project to Los Angeles based CIM for $130.5MM
The Property is located in the urban infill “Center City” of Charlotte,. The EpiCentre holds the distinction as the largest concentration of dining and entertainment and the only transit oriented mixed use entertainment development in Uptown Charlotte. The 305,147 square foot center includes approximately 255,811SF of retail and entertainment space, 49,336SF of office space and over 1,000 subterranean parking spaces. The center is situated on the main uptown Light Rail Station, diagonally to the Spectrum Arena and B of A HQ and across the street from the Ritz.
The EpiCentre loan was acquired by Vision Ventures and their investment partners in 2010 after instability of prior ownership forced the project into bankruptcy. Fee simple title was acquired in June of 2012. When purchased the center was 57% occupied with only 41% of tenants paying market rent. In addition to the original project costs, over the past three years new ownership has invested an additional $23mm in the project including complete updating and modernization of the common areas, partial roof replacement, installation of directional and identification signage, addition of concierge and valet cube/lounge, state-of-the-art security camera system with 188 cameras, landscaping, new mechanical system, and implementation of a comprehensive tenant and 3rd party marketing signage package. Another significant part of the renovation was the parking garage.
In addition to the capital improvements, Vision executed a strategic leasing plan to renew successful existing tenants on long term leases and replace ineffective ones. Because of the EpiCentre’s exclusive location it has been able to attract top tenants looking to secure prime locations in Charlotte’s thriving Uptown area. Studio Movie Grill selected the EpiCentre as its first and only Charlotte location, Gold’s Gym Elite selected EpiCentre as its only urban Charlotte location and Strike City is Uptown Charlotte’s only venue with bowling lanes.
In May 2014, Los Angeles-based real estate firm CIM Group purchased the EpiCentre complex in uptown Charlotte from Vision Ventures and its investment partners for $132,500,000.00. www.epicentrenc.com