Yale Picks Corcord Retail Center for $49M

Yale Realty Services Corp. has acquired a nearly 300,000 square foot retail center in Concord. The company paid $49.25 million for the Afton Ridge shopping center. The Charlotte Business Journal reports the acquisition was financed with a $29.55 million mortgage from MetLife Investment Management.

Afton Ridge’s tenant lineup includes HomeSense, Marshalls, Burlington, Havertys Furniture, PetSmart and Dick’s Sporting Goods’ new Going Going Gone! clearance store. The center is nearly 97% occupied with roughly 10,000 square feet remaining.

Yale Realty targets open-air shopping centers in the Southeast anchored by Target, Walmart or strong grocery stores. Yale owns and manages more than 3 million square feet of commercial real estate property.

Concord is a town of just over 100,000, 20 miles from Uptown Charlotte. The town is home to Charlotte Motor Speedway and Concord Mills retail center.