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Midtown Crossing shopping center sells for $30M

Kevin Maloney, founder and principal of New York City based Property Markets Group sold Midtown Crossing, the retail complex the company owned in Charlotte, North Carolina, for $30 million.

Anchored by BJ’s and PETCO, the 122,830-square-foot commercial property was purchased by PMG in 2015 and sold at the end of 2016 to Bluejay Capital Management, a real estate management and investment company with an impressive portfolio of retail properties across the country.

Located nearby some of Charlotte’s most important economic drivers, Midtown Crossing is strategically sited near Central Piedmont Community College, the Carolinas Medical Center, Novant Health Presbyterian Medical Center and less than a mile from the homes of Bank of America, Duke Energy, Wells Fargo and the Nascar Hall of Fame.

“We bought Midtown Crossing because of its solid residential population and its long term tenants, the brand-name retailers serving Charlotte’s up-and-coming Midtown neighborhood,” commented Kevin Maloney. “When Blujay came calling, we took advantage of their strong offer and decided to sell,” he added.

PMG was founded by Kevin Maloney in 1991, and is a premier real estate investment, development and general construction firm. The company is headquartered in New York with offices in Miami and Chicago.

PMG is one of the few remaining full-service, large-scale development companies with staff capable of managing all facets of the development process. With direct hands-on experience in the acquisition, renovation, financing, operation and marketing of commercial and residential real estate, PMG has completed 85 residential buildings in New York, Florida, and Chicago, and over 150 real estate projects throughout the United States.

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