Developer buys another South End property for $7.25M as part of - | WBTV Charlotte

Developer buys another South End property for $7.25M as part of plan to transform area

307 West Tremont Google Street View 307 West Tremont Google Street View
Rendering of Asana Partners’ plans for the former Phat Burrito site (Courtesy Asana Partners) Rendering of Asana Partners’ plans for the former Phat Burrito site (Courtesy Asana Partners)

A Charlotte-based developer that’s been buying up properties at a breakneck pace has made another big purchase in South End, this time on West Tremont Avenue, real estate records show.

Asana Partners added 307 West Tremont to its holdings, paying $7.25 million for the industrial building in a deal that closed June 26. The 3.4-acre site is mostly occupied by parking, warehouse space and loading docks for the low-slung industrial building on the site.

The site is next to a major new apartment development planned by Pollack Shores, an Atlanta-based developer that’s building 350 apartments on the site. Construction on that project is underway, and Pollack Shores had planned to develop the second portion of the site – now owned by Asana Partners – in the future.

Asana managing partner Sam Judd said the company is planning to reuse the buildings. The company bought 2116 Hawkins Street, an industrial-style office building that backs up to 307 West Tremont, for just over $9.6 million in April.

We plan to renovate the building and common areas and are in discussions with a number of retailers, restaurants and creative office users,” Judd said of 307 West Tremont. The company might also integrate the two properties with bike and pedestrian access, he said.

Since its founding in 2015 by three former executives at shopping center owner and developer Edens, Asana Partners has been gobbling up high-profile properties. The company plans to renovate and reuse most of them for shops, restaurants and creative office space in booming, close-in areas, especially South End.

Property records show the company has spent $78 million buying a half-dozen Charlotte properties, in addition to purchasing properties in Atlanta and Nashville. Asana Partners’ buying spree means the firm now owns:

  • The Design Center of the Carolinas on Camden Road (bought for $42.7 million)
  • The former Phat Burrito building on Camden Road ($2.7 million)
  • The shopping center at Seventh Street and Pecan Avenue ($7.65 million)
  • The former Southend Interiors building West Tremont Avenue and Hawkins Street ($1.9 million).
  • The Off Broadway Shoes building on South Boulevard ($6.2 million).
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