The Mint Hill Festival Shopping Center, located at the corner of Lawyers Road and Matthews Mint Hill Road, was purchased earlier this month by Sierra Building Group, a Canadian real estate firm.
The 59,077-square-foot facility cost Sierra $2.5 million, and was bought from Regions Bank, who acquired the property after American Asset Corporation, the property’s previous owner, went into foreclosure in 2012.
Toronto-based Sierra specialized in home and community building, with most of their properties in Canada, but also builds and manages commercial and retail spaces.
The shopping center houses a number of businesses, including Big Guy’s Pizza, Mint Hill Carpets, Trendy Tots, and Monroe Hardware, the largest business in the complex, but still has a number of spots still available for lease.
Derrick Taub, vice president of Sierra Building Group, said the company is looking to expand its portfolio, and is looking at other properties in Mecklenburg County and other major metro areas of the Carolinas.
“We are a commercial real estate property investor focused on commercial retail properties like this one,” said Taub. “We were turned on to the Charlotte market in general because we like the long term sustainable growth prospect that we see.”
Taub also said that Sierra chose this property for a number of reasons, including the specific location in Mint Hill at the corner of “main and main,” and the growth prospects of the town, which he described as “slow, steady, in a good, controlled format.”
According to Taub, two things that Sierra may focus on going forward with the shopping center are to make the street front sign more interesting, and to fill the vacant spaces, especially the junior anchor space, which totals 8,640 square feet.
The Shopping Center Group is handling leasing for the property, and Taub said that he would like to see a national retail store in the junior anchor space of the shopping center.
“We’re very excited to be a part of the Mint Hill business community, we’re certainly interested in adding some vibrancy to the center and as far as the available spaces, we’re definitely working hard in getting some deals done,” Taub said.