Ascent Real Estate Capital has made an $18.75 million investment in its growing portfolio. The Charlotte-based firm has acquired the 78,000-square-foot Seneca Square retail center in lower South End.
It sits on 8.5 acres at the intersection of South Boulevard and Tyvola Road.
Ascent has been interested in the property for a number of years, given the area’s growth, demographics and proximity to South End, Madison Park and the Myers Park neighborhoods, says Jack Spencer, partner. “The Seneca Square is a rare opportunity in a prime location,” he says.
Ascent plans to improve the aesthetics and functionality of Seneca Square. The center, which is home to Office Depot, is currently 78% occupied.
Read more about the firm’s plans at the Charlotte Business Journal.
(VIDEO: South End businesses say construction workers are taking up parking, making it hard for customers)