Afton Ridge is the retail component of a 260-acre master-planned mixed-use development in Kannapolis, located northeast of Charlotte. Other commercial and residential development is planned or under way, including the $1.5 billion North Carolina Research Campus.

"While we expect retail sales growth to moderate after having had a very robust five years, projected retail sales in the Charlotte market are expected to outpace the national average in the coming five years," Jeffrey Torto, senior director of acquisitions for CBRE Investors, said in a release. He added that Charlotte has emerged as a major corporate and regional headquarters.

CBRE Investors, a subsidiary of CB Richard Ellis Group Inc., is a global real estate investment firm with nearly $44 billion in assets under management. CBRE Realty Trust is sponsored by CBRE Investors.Childress Klein, a regional development and management firm, has offices in Charlotte and Atlanta. It manages a portfolio of 23 million sf of office, retail and industrial space.