Exciting Changes Coming to Olde Lancaster Town Center in Charlotte
Charlotte, known for its vibrant community and bustling neighborhoods, is about to see some thrilling developments at the Olde Lancaster Town Center. Recently, this charming retail hub changed hands for a whopping $15 million. The deal went through in late August, according to the Mecklenburg County property records.
New Ownership, New Opportunities
Pennsylvania-based CenterSquare Investment Management is now the proud owner of the 43,044-square-foot retail center. They purchased it from Somera Lancaster Retail LLC, a company based in New York. What’s even more exciting is that the center is currently 100% occupied, which means it’s buzzing with activity!
A Hub for Local Businesses
At the Olde Lancaster Town Center, you’ll find a delightful mix of tenants that cater to the community. Popular spots include Aqua Tots, which focuses on aquatic lessons for children, Chesterbrook Academy, a beloved childcare center, My Salon Suite, the go-to for beauty needs, as well as Lee’s Hoagies and Eye Level Learning for educational fun. Located at the crossroads of Providence Road NW and Lancaster Highway, this center is a convenient destination for many residents.
Investing in the Future
According to Megan Varano, vice president of private equity real estate at CenterSquare, this investment is a perfect fit for their strategy. They aim to focus on high-quality essential service retail centers in demographics-rich markets like Ballantyne. They have exciting plans on the horizon to freshen up the tenant mix by introducing more food-and-beverage and medical options as leases come up for renewal.
Refresh and Revamp
The Olde Lancaster Town Center isn’t just changing ownership. A refreshing renovation is on the way! Over the next year, the shopping center will see updates like new paint, awnings, and signage, creating a more inviting atmosphere for shoppers. There are also plans to improve landscaping, add string lights for that cozy vibe, and introduce patio seating for a delightful outdoor dining experience.
Additionally, the parking lot will be sealed and striped, equipped with new LED lighting to enhance safety. Roof upgrades are also in the works for several buildings, reflecting the commitment to ensuring that this center remains a vibrant part of the community for years to come.
About CenterSquare
For some background, CenterSquare Investment Management is a well-established real estate investment manager that oversees about $14 billion in assets. They have their hands full with a diverse portfolio, including 17 properties located throughout the Southeast. Here in Charlotte, they also operate Trade Court Shoppes, a 15,000-square-foot property acquired in August 2023, and the Riverbend, a large 62,000-square-foot property they’ve been acquiring in phases over the past few years.
The Growth of Ballantyne
Varano emphasizes the impressive growth in the Ballantyne area, noting that it has become one of the fastest-growing neighborhoods in Charlotte. The increasing population and ongoing economic development in this part of the city certainly signal a bright future for the retail scene.
As we look forward to the positive changes at Olde Lancaster Town Center, it’s clear that this investment is just the beginning of an exciting evolution. Stay tuned for what’s next in one of Charlotte’s most beloved shopping spots!
