Crosland Southeast hopes to get permits for a project with residential and commercial uses in the Charlotte suburb of Matthews.

The developer is targeting 92.9 acres at 1700 E. John St. with its rezoning request. The request is being made to develop a project with 564 apartments, a 120-room hotel, 103 single-family homes, 48 townhomes and 54,000 square feet of retail/office space.

The Charlotte Business Journal reports the Matthews Board of Commissioners has put off their decision until early next year.

Crosland is eyeing a site just off Exit 52 of Interstate 485. The property is near Central Piedmont Community College’s Levine Campus and the Mecklenburg County Sportsplex at Matthews. Aspen Asset Group and the Yandle family own the land.

Crosland is the master developer of Eastland Yards, the former Eastland Mall site in Charlotte.

Matthews Real Estate Investment Services structured a $55-million exchange on behalf of a client, facilitating the acquisition of 15 assets. Market leader Keegan Mulcahy and EVP Chad Kurz handled the transactions.

The client, a family-owned LLC, had recently sold a 700-acre farm, triggering the $55-million exchange requirement. The family aimed to reinvest the cash into net lease assets in high-growth markets throughout the U.S. Ultimately, 15 net lease investments were acquired across 12 states, with 85% of the investments being sourced off-market by Matthews. The acquisitions included quick service and fast casual restaurants, healthcare facilities, early education assets, multi-tenant retail sites and other verticals within the net lease universe.

“Market knowledge and product specialization were critical in executing our client’s requirement,” Mulcahy said. “By leveraging different tranches for diversification and balancing various return and risk thresholds for each property, we were able to complete the exchange requirement while also structuring our client’s desired return on their portfolio.”

Pictured, above: Keegan Mulcahy. Below: Chad Kurz.

Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, represented the seller in the $7.795 million disposition of Enlightened Dispensary in Schaumburg, Illinois. Matthews Associate Alexander Machado, Associate Vice President Daniel Gonzalez, Associate Vice President Robert Goldberg, and Executive Vice President Ben Snyder handled the transaction.

Located at 820 E Golf Road, the property features approximately 9,296 square feet on a .92-acre lot. Enlightened Dispensary, a corporate-backed multi-state cannabis operator, has 12 years left on the NNN lease term, coupled with two additional five-year options.

“The seller acquired the building vacant and was able to add a significant amount of value to the property by securing a new 15-year lease with a cannabis tenant,” Machado said. “This lease allowed the seller to cash flow the deal for over three years before selling the property for a substantially higher price than the original acquisition cost.”

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