Ballantyne Village, which recently dodged foreclosure, announced a slew of new tenants this afternoon, including a favorite pizza joint, a SouthPark favorite, a cell phone store, a software company and an expanded massage chain.
The upscale retail location was beset by vacancies that rose to about 50 percent during the economic downturn. Initially valued at about $71 million in 2006, the property struggled to pay off its loan. A planned hotel, office and condo tower were shelved. Owner BV Retail owed more than $31 million when lenders started foreclosure proceedings last year.
But in April, Ballantyne Village reached a refinancing agreement that allowed the owners to retain a 100-percent stake and saved the 165,000-square-foot property from the auction block, where it was set to be sold in July.
Monday, Ballantyne Village announced the following new tenants:
- Mellow Mushroom, an Atlanta-based chain offering pizza in "an eclectic, art-filled environment," is opening a 6,800-square-foot restaurant.
- Terrace Cafe will open its second restaurant in Charlotte, adding a 3,900-square-foot store. The restaurant currently has one Charlotte location, on Piedmont Row at SouthPark.
- Cellular Sales, an authorized Verizon Wireless retailer.
- eBuilder, a software management firm.
- Massage Envy, which already is a tenant, is expanding its store.