Asana Partners



Asana Partners Closes on Major Retail Piece in Uptown

June 27, 2018

Less than two weeks after uptown's first full-sized grocery store opened, a Charlotte real estate investment firm has acquired retail space that includes the anchor and additional space up for lease. 

AP Stonewall Station Phase 1 LP, affiliated with Charlotte-based Asana Partners, acquired about 47,000 square feet of retail — including the 38,000-square-foot Whole Foods Market — at Novel Stonewall Station for nearly $34.1 million, according to Mecklenburg County real estate records. Asana reached an agreement late last year with Crescent Communities, the master developer of Novel Stonewall Station, to acquire the retail portion of three of the developer's projects — Novel Stonewall Station, Novel NoDa and Ally Charlotte Center.

Novel Stonewall Station, just off the Lynx Blue Line Stonewall Station in uptown, in total has more than 22,000 square feet of retail outside of Whole Foods, which opened June 13. About 13,000 square feet of ground-floor retail space at the hotel under construction at Stonewall and Caldwell streets remains under contract to be sold to Asana, according to a Crescent spokeswoman.

Asana has already closed on a 0.9-acre outparcel space at Novel NoDa for $1.9 million, where about 22,000 square feet of retail will be located. Last summer, Asana purchased the 44,000-square-foot building at 600 S. College St., on the same block as Crescent's Ally Charlotte Center development, for $6.4 million.

Asana has been a prolific buyer in Charlotte since it opened its offices at 1616 Center in 2015. Today, it owns multiple properties in the heart of South End, including the Design Center of the Carolinas, as well as properties in Elizabeth, Myers Park and NoDa. The firm typically acquires and repositions existing urban retail properties in markets like Charlotte; Atlanta; Nashville, Tennessee; and northern Virginia.

Charles Thrift at Thrift Commercial Real Estate Services is currently marketing 10,400 square feet at Novel Stonewall Station.

SOURCE: Charlotte Business Journal, Ashley Fahey