Providence Group Capital Acquires Another LoSo Development Site

CHARLOTTE, NC – (December 1, 2023) – Providence Group Capital, a Charlotte based commercial real estate investment and development company, announced today that it has closed on the acquisition of a property located in the heart of LoSo 4524 South Boulevard, running from South Boulevard to Old Pineville Road in Charlotte, North Carolina.  The approximately 5.9-acre parcel was purchased by Providence Group Capital from Kimbrell’s Furniture.  Kimbrell’s will retain ownership of the contiguous approximately 1.4-acre parcel on which they will continue to operate a 40,000 square foot Kimbrell’s Furniture store as they have on this property since 1959.

James Cole, partner at Providence Group Capital, said “We anticipate breaking ground on a state of the art, 100,000 square foot climate-controlled building next spring on the portion of the site closest to South Boulevard, followed shortly thereafter by a 70+ unit townhome community on the remaining portion of the site closest to Old Pineville Road”. Providence Group Capital recently rezoned both parcels from ML-1 to TOD-TR and TOD-CC to allow for the development of storage and townhomes respectively. Cole added, “we targeted this property for purchase due to LoSo’s continued explosive residential, office, brewery, restaurant, and entertainment growth.

With this most recent acquisition, Providence Group Capital now owns eight parcels in LoSo which combined total nearly 22 acres of land:

• 212 W. Woodlawn Road – 10.6 acres
• 4524 South Boulevard – 5.9 acres
• 200 Clanton Road – 3.1 acres
• 3514 S. Tryon Street – 0.6 acres
• 3526 S. Tryon Street – 0.5 acres
• 422 Blairhill Road – 0.4 acres
• 3500 S. Tryon Street – 0.3 acres
• 428 Blairhill Road – 0.3 acres

Providence Group Capital was represented on the transaction by Forde Britt at Land Advisors’ Charlotte office, and Kimbrell’s Furniture was represented by David Atkins at Charlotte based Atkins Properties.

ABOUT PROVIDENCE GROUP CAPITAL

Providence Group Capital is a real estate investment and development firm focused on maximizing equity returns with integrity and professionalism. The firm possesses traditional ground-up and acquisition expertise but it’s deep bench of relationships with sellers, consultants and industry insiders enables it to find and procure prime assets. Once these assets are under control, the team employs extensive market knowledge, conservative underwriting, thorough due diligence and creative vision to drive values for the benefit of its debt and equity partners.

Geographically seeking both core infill and suburban assets primarily in the southeast, Providence Group Capital pursues value-add commercial and residential sites. The principals of the firm have been involved in the development of over 12 million square feet domestically and internationally representing $3.5 billion in total project development costs. Their experience in many regions allows the firm to pursue a wide range of entrepreneurial opportunities, delivering maximum results.

The firm utilizes long-term connections to collaborate on opportunities and works as an experienced team with extensive resources to unlock value for our investors through vertical developments, acquisition and strategic joint ventures. The principals’ history of work across the country in a variety of cities provides perspective for past and future patterns. We have acquired properties and land for adaptive reuse and development into a variety of asset types such as retail, restaurant, multifamily, office, and self-storage.  This range of work history allows the firm to plan and program sites for the best overall return. Company roles include all aspects of the development process including pre-development, entitlement, environmental, civil, architectural and construction management. Our affiliation with The Providence Group gives us in-house commercial property management for all product types as well as retail leasing.

Loyal and long-term consultants are one of the many advantages that Providence Group Capital brings to each investment. The quality of the firm’s top-tier legal, planning and financing professionals provides our clients and investors with the assurance that each project has been thoughtfully vetted by a knowledgeable and respected group of advisors. When needed, relationships in the construction, management, and service world are tapped to meet specific needs on a deal-by-deal basis.