Charlotte’s South End is considered one of the most promising mixed-use submarkets in the Sunbelt, with continued strong job growth and corporate relocations attributed to Charlotte’s business-friendly environment, diversified financial services and tech employment base, international airport, quality of life, and cost of living. The Quarter South End currently includes three single-story warehouse buildings but is envisioned to include additional parcels and buildings in the future as it evolves into a true mixed-use live-work-play environment adjacent to the core of Charlotte’s South End along the rapidly evolving West Tremont Avenue corridor. “The Quarter South End has been extremely well received during our early marketing efforts and today’s announcements should only enhance the appeal for prospective tenants who are seeking an alternative to traditional office product,” said Foundry Commercial Partner John Ball. “Charlotte has proven strong demand for adaptive reuse space in recent years and this larger mixed-use opportunity in the city’s original creative submarket should really resonate with both existing and new to market users. With leasing activity picking up across Charlotte and South End in particular, we are really excited to be part of such a dynamic development and experienced project team.” “This joint venture with Abacus and FCP demonstrates Big Cypress’s unyielding focus on creating value for its investors and partners through its innovative Co-GP investment strategy.” ”The successful acquisition of this property, along with the team’s additional recent closings, demonstrates our continued commitment to identifying, partnering and transacting with best-in-market Strategic Operators like Abacus that possess deep investing expertise and proprietary deal flow,” said Big Cypress CEO and Co-CIO, Max Mazzone. Further, with the continued institutionalization of creative office as an asset class, we are confident The Quarter will have broad and sustainable appeal amongst the prospective tenant universe,” McAdams added. “As South End continues its evolution into a true 18-hour submarket replete with its own skyline, The Quarter’s thoughtfully curated authenticity should prove to be a competitive differentiator for years to come. “With this latest acquisition, Abacus and its partners are pleased to formally announce The Quarter South End – which will, upon full buildout, be a fully self-contained creative microdistrict within Charlotte’s South End,” said Wes McAdams, Managing Partner of Charlotte-based Abacus Capital. North continued, “With construction starting imminently on 2218 Toomey, and on the remainder of the properties later this year, prospective tenants will now be able to clearly visualize the opportunity to work in a top-class creative environment that fuels culture and collaboration while putting teams within steps of South End’s abundant amenities.” “The acquisition of 2320 Toomey adds additional critical mass to our master plan for the transformation of this district,” said FCP Senior Associate, Kevin North. The project team plans to commence construction in May 2021 on the first phase of the redevelopment, totaling approximately 25,000 square feet at 2218 Toomey Avenue. The branding reflects the authenticity of the corridor’s industrial past with a nod to the innovative atmosphere that has developed with the emergence of South End’s creative class. This growing collection of adaptive reuse projects totaling nearly 150,000 square feet, in conjunction with surrounding planned mixed-use development, will be known as The Quarter South End. The redeveloped buildings will offer tenants an exciting first-generation, Class A creative commercial environment in one of the most dynamic submarkets in the Southeastern US. The existing legacy midcentury warehouse building at 2320 Toomey will be repositioned as approximately 77,000 square feet of creative office space as part of a broader transformation of the Toomey Avenue corridor. Chevy Chase, MD FCP, ABACUS CAPITAL & BIG CYPRESS CAPITAL ADD TO ADAPTIVE REUSE ASSEMBLAGE IN CHARLOTTE, NCįCP ®, with JV partners Abacus Capital (Abacus) and Big Cypress Capital (Big Cypress), has closed on the $9.0 million acquisition of 2320 Toomey Avenue in South End Charlotte, NC, adding to what will be the largest remaining assemblage of adaptive reuse properties in South End.
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