GRUBB PROPERTIES ANNOUNCES SALE OF RETAIL/RESTAURANT SPACE AT LATTA PAVILION IN DILWORTH
Restaurant group acquires prime corner space, will open Charlotte’s newest “131 Main”
CHARLOTTE, NC – August 20, 2007 - Grubb Properties, the local developer behind the Elizabeth Avenue revitalization and the emerging mixed-use neighborhood of Morrison in South Park, today announced the sale of approximately one-third of the retail space at it’s landmark Latta Pavilion development in Dilworth.
The buyer – East Boulevard Restaurant Partners, LLC - acquired 10,872 square feet at the highly visible corner of East Boulevard and Scott Avenue. The space was recently occupied by Patou Bistro, which vacated to make room for the new owners, and by sales offices for Grubb Properties’ 1315 East condominium, now offering its last few condos for immediate move-in.
The existing restaurant space will be converted into Charlotte’s newest 131 Main Restaurant, already a local favorite in the Lake Norman and Blakeney communities. 131 Main is described as an upscale casual restaurant serving updated American classics. The owners – Mike Vaughn, Joe Douglas, and Chris Carlsen – emphasize local ingredients and maintain a commitment to freshness, in part, by refusing to own a freezer for their food.
Menu items such as Pan Fried Flounder, Cedar Plank Salmon, Baby Back Ribs and Thai Style Steak Salad are prepared fresh daily, moderately priced and served in a warm, comfortable atmosphere.
“We’re very excited about owning this premier corner and bringing 131 Main to Dilworth,” Douglas said. “East Boulevard is home to some of Charlotte’s most popular and successful restaurants, and we’re looking forward to joining that line-up and bringing something unique to this part of the city.”
Jonathan Nance, director of commercial leasing for Grubb Properties, said he expects the new 131 Main will be a success. “This is a proven restaurant concept in Charlotte, and the new owners are accustomed to success in a space this size. Given that, the visibility is unparalleled and there is plenty of garage parking within the building. 131 Main will bring a simple, tasty and well-honed dining concept to this space, and we think Dilworth will embrace it quickly.”
Latta Pavilion – at the intersection of East Boulevard and Kenilworth Avenue – was one of the first mixed-use developments in the historic Dilworth neighborhood. The initial condominium offering sold out in 2005, and the current conversion of 162 apartments above East Boulevard shops is expected to complete sellout early this fall. Sales at 1315 East have outpaced the Charlotte market since the beginning with 111 closings in 2006 alone. Pricing on the final seven flats ranges from the low $200s to the low $400s.
Grubb Properties will continue to own and manage the remaining retail space at Latta Pavilion.
About Grubb Properties
Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has over 100 employees and oversees a management and/or leasing portfolio of roughly 1,500 apartment homes and one million square feet of office and retail space. The company is headquartered in Charlotte and maintains offices in Raleigh and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com.
Posted: September 14, 2007 - Press Release | More News
