Wasa Properties Announces the Sale of Tower Place Festival

Brooklyn, NY – Wasa Properties announces the sale of Tower Place Festival, a community shopping center located in Charlotte, North Carolina. The property features 115,021 square feet of retail space, has outstanding visibility from Highway 51 and features exceptional mix of both local and national retailers that complement the shopping experience. Tower Place Festival benefits from excellent demographics with a population of over 180,000 people within five-miles and an average household income of $105,000.

Wasa Properties acquired Tower Place Festival in 2012 as a 75% occupied Bally Total Fitness anchored shopping center. Wasa Properties replaced short-term leased anchor with Planet Fitness in 2018 and stabilized the asset. In addition to signing new tenancy, Wasa Properties implemented a capital improvements program which included roofing, parking, landscaping and lighting improvements.

Tower Place Festival was sold at 98% occupancy in 2018 and was brokered by Berkeley Capital Advisors.

Shlomo Bistritzky

Founding Principal