Local real estate firm New Forum, Inc. has formed a dedicated platform, New Forum Partners, focused exclusively on new development and acquisitions. With its founding, New Forum Partners has announced the acquisition and planned re-development of Seneca Place, a 41,310 square-foot retail strip center and outparcel pad with a diverse mix of tenants, located in Charlotte.
Seneca Place, currently comprised of a 34,710-square-foot retail strip center and a 6,600-square-foot outparcel, will be rebranded as Madison Corners. The Madison Corners rebrand will include over $1,000,000 in capital improvements including a re-designed exterior. New Forum Partners is currently seeking tenants to complement the booming Madison Park neighborhood such as high-end and fast casual restaurants, coffee shops, yoga and fitness users, and wine shops. Retail leasing of Madison Corners will be handled through Jay Mitchener at Thrift Commercial. Seneca Place in the heart of the rapidly growing Madison Park, Montclaire and Archdale communities and is approximately three miles northwest of South Park and seven miles south of Uptown Charlotte. More than 91,700 residents earning an average household income of $103,279 live within a three-mile radius of the center.
William Hodges, Principal at New Forum Partners and broker-in-charge of New Forum’s leasing represented the buyer. Rob Settle of Commercial Carolina represented the seller of Seneca Place, Carl Ricker. Cory Fowler of Holliday Fenoglio Fowler, L.P. (HFF) worked on behalf of the borrower to place the floating-rate loan with Ready Capital Structed Finance.
Founded in 2018 to capitalize on New Forum’s development experience in an opportunistic real estate market, New Forum Partners primary focus is new development opportunities with additional lines of business in third party, fee-based development as well as acquisitions.
Based in Charlotte, New Forum is a real estate development, management and operating firm with a portfolio that includes office, retail, hotel, medical, multifamily and senior living. The company specializes in mixed-use communities that create a sense of place such as Ayrsley, a master-planned development in Steele Creek that includes more than two million square feet of office and retail space, four hotels, single-family homes, luxury apartments, restaurants and a 14-screen movie theater.