Located in the southeast part of Charlotte in the Mathews Township, the property is anchored by Sam's Club (Wal-Mart Stores), Kohl's, Office Depot, Media Play (Best Buy), Burlington Coat Factory, Goody's and Hamrick's. The anchor tenants provide 80% of the property's net income. The property was 90% leased at the time of sale.

Sterling Co-Chairman and Co-CEO A. David Kosoy tells GlobeSt.com that the upside is in the leases of three anchor tenants' whose terms are running out over the next four years, and whose lease rates are currently less than half of market, which is in the double digits. "And we've got interest from a lot of other tenants should they not wish to renew," says Kosoy. "The property is extremely well located … in one of the strongest demographic markets in the U.S."

The seller was GE Asset Management, which a source says had to sell the asset in order to return capital to investors after owning the asset for several years. Kosoy says tenants tell him GE put little money into tenant improvements and took a long time to make leasing decisions but otherwise kept the facility in impeccable condition.