News release

Investor purchases Charlotte’s Metropolitan Midtown

JLL Capital Markets sees increasing investor demand for Carolinas; long-term outlook is positive on the area

October 27, 2020

CHARLOTTE, N.C. – October 27, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Metropolitan Midtown, a premier mixed-use development featuring 342,233 square feet of office and retail space and a 1.3-acre development parcel in Charlotte, North Carolina.

JLL represented the seller, institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, funds affiliated with Northwood Investors LLC. Additionally, JLL worked on behalf of the buyer, to secure an acquisition loan.

Completed in 2008, Metropolitan Midtown is one of the city’s premier urban mixed-use properties offering 170,589 square feet of office space and 171,644 square feet of retail alongside a 1,110-space parking deck. The office component is 97.1% leased and includes investment grade tenants representing a wide range of industries, including banking and financial services, insurance, healthcare, real estate and technology. The retail portion of Metropolitan Midtown is anchored by a top-performing Trader Joe’s and is complemented by a mix of national and local tenants, including Marshalls, Best Buy, and Zoe’s Kitchen.

The project is located at 1111 Metropolitan Avenue and serves as the anchor for the Midtown / South End submarket. Metropolitan Midtown is a vibrant part of the neighborhood hosting a variety of lifestyle events that spur community involvement, including fitness events, movie nights, festivals, workshops and more. With a location immediately adjacent to Interstate 277, the property offers easy ingress and egress for commuters and is a short drive to Charlotte’s central business district, Bank of America Stadium, Charlotte Douglas Airport and the affluent Dilworth and Myers Park residential enclaves.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Ryan Clutter and Richard Reid and Senior Directors Chris Lingerfelt, Tom Kolarczyk, Hunter Barron and Zack Drozda. 

“Metropolitan Midtown is positioned within one of the most sought-after corridors for new development in Charlotte,” Clutter said. “This area has experienced an unprecedented amount of new development, announcements, and investor demand in the last 24 months, driving rental rate growth and further tightening vacancy in the submarket.

“We are very excited to see Northwood Investors transform this asset by utilizing their exceptionally strong experience and operating company platforms in the office, retail and development space,” added Lingerfelt.

The financing efforts were led by JLL Capital Market’s Senior Managing Director Travis Anderson.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About J.P Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information:

About Northwood Investors

Northwood Investors is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8 billion of investor capital. Northwood's flagship fund seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically-integrated with in-house operating teams across the office, multifamily, retail and hospitality sectors. Please visit for more information.