December 18, 2020
CBRE has arranged the $11.5 million sale of the historic Savona Mill, a circa-1915 former mill in Charlotte’s West End neighborhood. The buyer was reported as Savona Resi Project LLC and is affiliated with Atlanta-based Portman Residential.
Savona Mill is located at 500 S. Turner Avenue and is withing an Opportunity Zone. The buyer plans to redevelop the property according to North Carolina’s historic mill tax credit program. Current entitlements will allow up to 300,000 square feet of commercial space and 240 multifamily units. The site operated as a textile mill from 1915 to 1931 and was later sold in 1936 to Old Dominion Box Company.
Patrick Gildea, Matt Smith, Kevin Kempf, Howard Jenkins and Grayson Hawkins of CBRE represented the seller, ARGOS Real Estate Advisors, in the transaction. Additionally, C.J. Kelly and John Wiley of CBRE Atlanta’s Debt & Structured Finance team and Harris Ralston and Alex Wilson of CBRE Charlotte’s Debt & Structured Finance team represented the buyer in arranging debt from First Carolina Bank for the transaction.
For comments, questions or concerns, please contact David Cohen