Chicago-based Northpond Partners has made its third investment in Charlotte with the purchase of Chadbourn Mill.
The developer purchased the historic Optimist Park property at 2520 N. Brevard St. for $12.5 million from Charlotte-based White Point Partners, according to Mecklenburg County real estate records. The sale closed on June 5.
White Point, along with real estate investment firm FCP, purchased the property in August 2019 for $4.4 million, according to previous CBJ reporting. The firms’ upfit of the mill into new commercial space included 37,432 square feet of creative office and 2,257 square feet of retail space.
Chadbourn Mill was a hosiery and textile operation from the 1930s to the 1970s. It was built in 1929 by Rufus D. Wilson and called Larkwood until 1945, when J. Chadbourn Bolles and his partners purchased the company.
Northpond has stayed busy in Charlotte since breaking into the market in 2020 with the purchase of uptown’s 110-year-old Latta Arcade. The firm is in the process of restoring that historic 23,000-square-foot retail property, now called The Alley at Latta Arcade. Northpond’s vision for the building is to create a new and improved food-and-beverage destination.
It is also planning a $4 million overhaul of the former Packard Place building, now called The Stuward, at 222 S. Church St. in uptown. Renovations at the five-story building will include an updated exterior and a remodeled first-floor common area with functional seating areas and an 18-hour food-and-beverage concept that Northpond will announce at a later date.
The 95,128-square-foot building will also have four floors of creative office space available, ranging from 2,000 to 10,000 square feet. Northpond purchased the property in July 2021 for $15.4 million.