Park Road Shopping Center sells for $82M
Published: July 20, 2011
Time posted: 10:54 am
Tags: Edens & Avant, Park Road Shopping Center, Porter Byrum
Three universities are no longer the owners of Park Road Shopping Center, the first open-air shopping center in Charlotte.
Columbia, S.C.-based shopping center owner and developer Edens & Avant said today that it bought PRSC from Wake Forest University, Queens University of Charlotte and Wingate University.
North Carolina businessman Porter Byrum, who gave the shopping center to the three universities, also helped them with the sale. E&A bought it for $82 million.
PRSC opened in 1956. Byrum bought it in 1967.
According to E&A, PRSC has experienced virtually 100 percent occupancy for the past 44 years “and has enjoyed unparalleled community support in an often volatile retail market.”