Ferncroft Capital buys Northlake Commons

Ferncroft Capital of Charlotte, in a joint venture with Crow Holdings of Dallas, has bought Northlake Commons Shopping Center for $22 million in an all-cash deal, the companies announced Friday.

"...Rarely have we seen such a quality investment opportunity that has this much upside," said John Hollmeyer, a principal at Ferncroft.

The shopping center sits adjacent to Northlake Mall in north Charlotte. The center was built in 2006 by Charlotte-based Faison.

Ferncroft's strategy is to lease up the remaining shop space at 10 percent to 20 percent below market rent, the company said in a release.

New South Properties will be handling leasing and management.

Ferncroft has acquired 726,000 square feet of income-producing property totaling $87 million during the past four years. The firm targets retail, office and industrial properties throughout the Southeast ranging from $10 million to $100 million.

Recent purchases include the Park Avenue building in South End.