News
Charlotte, N.C. (April 3, 2024) – Foundry Commercial is proud to announce the successful completion of the retail investment purchase of Shopton Square, a 24,250-square-foot neighborhood shopping center located in Charlotte, N.C. Shopton Square, previously developed and leased by the real estate arm of Food Lion, is currently 100% occupied across its 13 tenant spaces. Situated south of Charlotte Douglas International Airport, the average size of each suite within Shopton Square is approximately 1,200 square feet, accommodating a diverse range of local retail offerings.
This acquisition marks the first for Foundry Commercial’s Retail Investment Platform, which was launched last year when Managing Directors and Deal Principals Rick Coe and Matthew Gallo joined the company to co-lead the platform. Coming out of the pandemic, during which the retail segment faced headwinds from government shutdowns and a rise in e-commerce. Foundry has been closely watching the mixes of retail real estate to learn what would stand the test of time and not only survive but thrive in the years going forward. The past few years in the retail industry have provided valuable insights into the resilience and adaptability of certain retail models, making Foundry Commercial even more bullish on certain investments in the sector.
With a combined more than 60 years of experience, Coe and Gallo have transacted billions of dollars of retail investments. Coe, a nearly 40-year commercial real estate veteran, joined Foundry last year from Fidelis Realty Partners DFW, where he was responsible for all acquisition, development, and investment activity in the Dallas-Fort Worth metropolitan area since 2014. Under his leadership, the company acquired and developed over 2.6 million square feet of retail with a total cost of $400 million. Gallo joined Foundry at the same time as Coe to co-lead the retail investment platform. With more than 20 years in the industry, before joining Foundry, he served as COO and Senior Vice President for Lincoln Property Company in Dallas, where he managed more than 60 team members in Lincoln’s retail and mixed-use division engaged in development, acquisition, redevelopment, capital markets, leasing services, as well as asset, property, and construction management. Gallo oversaw the acquisition and assembly of several portfolios of retail real estate valued at more than $2 billion.
“This purchase of Shopton Square underscores Foundry’s commitment to strategic growth within the retail investment sector. Foundry’s platform provides a competitive advantage in this space. By employing our ‘virtuous circle’ approach, Foundry’s integrated services and development and investments businesses allow us to take the inefficiency out of sourcing and executing these types of retail investments, help us find advantaged investment opportunities, and then allow us to provide superior execution on a local basis,” said Rick Coe.
Foundry Commercial’s retail investment strategy prioritizes necessity-based retail, ensuring resilience in the face of evolving e-commerce trends. With ownership of Shopton Square, Foundry again assumes leasing and management at the property. The company plans to undertake various cosmetic upgrades, including parking lot repairs, landscaping improvements, and power washing, in the coming months.
For more information on Foundry Commercial’s retail investment platform, visit foundrycommercial.com/development-investments or contact Rick Coe at rick.coe@foundrycommercial.com or Matthew Gallo at matthew.gallo@foundrycommercial.com.