News

Northpond Partners, an investment firm that specializes in commercial real estate projects in historic and redeveloping parts of U.S. cities, has purchased the Terminal Station that was built by the Southern Railway in 1909 and served as an entryway to Chattanooga for rail passengers for nearly a century.

Northpond Partners recently announced it has acquired Packard Place in Charlotte, North Carolina. The mixed-use building totals 95,128 square feet and is centrally located at 222 South Church Street in downtown Charlotte, which is home to retail and office tenants including Ink N Ivy, Not Just Coffee, Arts &  Science Council, and Insight Enterprises.

Plans for a new hotel in downtown Chapel Hill appear to have fallen through as a new ownership group has acquired the property with future plans for the site yet to be determined.

A pair of developers are teaming up yet again on a project in the Triangle, this time with plans to convert a century-old building in Raleigh’s Glenwood South into a mixed-use development.

The Gateway Plaza project will be Northpond’s 12th investment in the Triangle. Most recently, the company repositioned and sold the historic Creamery property in downtown Raleigh. New York-based Turnbridge Equities paid $34.7 million for the property in late March.

New York City-based Turnbridge Equities paid $34.7 million for the nearly-century-old Creamery building and two adjacent parcels in downtown Raleigh’s Glenwood South neighborhood earlier this week. The seller was Chicago-based Northpond Partners.

Chicago-based Northpond Partners last week acquired the two-story building, which serves as a home to several retailers, for $7.5 million

Northpond Partners, the Chicago real estate firm that bought Uptown’s Calhoun Square last fall, is considering a significant renovation that would slice the high-profile property in half and create an open-air pedestrian walkway through its midsection.

“We are super cognizant and understand that Calhoun Square has not been working,” Ankin said, in an interview Thursday morning. “We really believe that’s not because of the location or the neighborhood. That’s because of the mix of the building and the wrong tenants.”

WakeMed announced Tuesday that it would be redeveloping the mid-century building at 505 Oberlin Road into a medical office building.