Big Cypress Capital, an SB360 Affiliate, and LPA Urban Complete $17.3 Million Sale of Charlotte Adaptive Re-Use
NAPLES, Florida – January 25, 2021 – Big Cypress Capital (“Big Cypress”), an SB360 affiliate, through its Headwaters Strategic Operator Platform (Headwaters) and with its Strategic Operator partner, LPA Urban (LPA), a Charlotte based private real estate development firm, has completed the $17.3 million sale of 2317 Thrift Road, an adaptive re-use building in the burgeoning FreeMoreWest neighborhood of Charlotte, NC. The sale represents the first realization for the inaugural 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. Big Cypress remains committed to leveraging its Strategic Operator Platform to source proprietary investment opportunities within comprehensively underwritten high-growth neighborhoods in markets that possess strong demographic tailwinds and asset sub-classification institutional demand.
Big Cypress CEO and Co-CIO, Max Mazzone, said, ”The successful sale of this property demonstrates Headwaters’ ability and commitment to identifying, partnering and transacting with best-in-market Strategic Operators like LPA that possess deep investing expertise and proprietary deal flow.” Mr. Mazzone continued, “The successful realization of this asset demonstrates Big Cypress’s unyielding focus on creating value for its investors and partners through its innovative Headwaters platform. Notably, this team executed on its business plan, including completing the redevelopment on schedule, stabilizing the property twelve months earlier than initially underwritten and attracting a best-in-market creative single tenant during the development phase.”
The 38,000 square foot, two-story 2317 Thrift Road building is strategically located on 3.8 acres within one of Charlotte’s fastest growing submarkets and serves as the headquarters for Wray Ward, a leading Charlotte-based advertising firm. In partnership with LPA, Headwaters initially invested in the development in January 2019 and completed the lease to Wray Ward within five months of closing. The partnership physically transformed the existing building, blending 19,000 square feet of adaptively re-used space with an additional two-story 19,000 square foot addition that adds contemporary elements to the original building’s historical character. The development delivered in October 2020, at which point Wray Ward immediately occupied the property. Mr. Mazzone noted, “Capitalizing with a laser focus on Charlotte’s rapidly growing creative office sector by providing authentic, highly curated, purpose-built, institutional quality commercial facilities has never been more important given the current economic environment.”
About Big Cypress Capital – Based in Naples, FL, Big Cypress Capital, an SB360 affiliate, is an emerging investment management firm. Big Cypress Capital’s Headwaters Strategic Operator Platform focuses on cultivating capital partnerships with real estate operators and institutional JV partners that result in long-term value creation within their platforms. The Headwaters Strategic Operator Platform closed its initial series of LP investments in 2018 and its initial Co-GP investments with institutional JV partners in 2020. Please visit bigcypresscap.com for more information.