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532-533 Patterson Ave
Mooresville, NC 28115
Design Center Lake Norman · Office Property For Sale
Investment Highlights
- Design Center Lake Norman is one of the region’s first adaptive reuse projects and now comprises innovative office and flex suites.
- Charming building with irreplicable historic finishes like exposed brick, natural wood ceilings, and stained concrete flooring.
- Location poised for long-term value as the population within a 5-mile radius is projected to grow at an annual rate of 2.6% through 2028.
- Owner/user opportunity for up to 64,329 square feet with value-add potential for investors via capital improvements and increases to market rates.
- Conveniently located minutes from Lake Norman, Downtown Mooresville, and the Lowe's Corporate HQ, Charlotte's sixth-largest employer.
Executive Summary
Discover this incredibly rare opportunity for a new owner to occupy up to 64,329 square feet of space in the near-term future and control phased expansion or rental income over the life of the asset. Conversely, current WALT (weighted average lease term) presents a unique and highly desirable opportunity for an investor to reset existing below-market rents and achieve an immediate value-add strategy.
Originally constructed in the 1920s as a T-shirt manufacturing facility, the Design Center Lake Norman was revitalized in the early 2000s, becoming one of the first adaptive reuse projects in the region. The expansive, efficient floor plans encourage collaboration and innovation, making it an ideal environment for businesses seeking to foster a dynamic, productive work culture.
The Design Center is located at 532-533 Patterson Avenue in the heart of Mooresville, just 30 minutes north of Charlotte. Known to many as Race City USA, it is the home to the North Carolina Auto Racing Hall of Fame, many NASCAR and IndyCar racing teams and drivers, plus several racing technology suppliers. The property is easily accessible to Lowe's Corporate Headquarters, one of the region's largest employers, and to major interstates, such as Interstate 77 and Highway 150. When high-end work environments fostering creativity, connectivity, and convenience are key, the Design Center is the ideal destination.
Originally constructed in the 1920s as a T-shirt manufacturing facility, the Design Center Lake Norman was revitalized in the early 2000s, becoming one of the first adaptive reuse projects in the region. The expansive, efficient floor plans encourage collaboration and innovation, making it an ideal environment for businesses seeking to foster a dynamic, productive work culture.
The Design Center is located at 532-533 Patterson Avenue in the heart of Mooresville, just 30 minutes north of Charlotte. Known to many as Race City USA, it is the home to the North Carolina Auto Racing Hall of Fame, many NASCAR and IndyCar racing teams and drivers, plus several racing technology suppliers. The property is easily accessible to Lowe's Corporate Headquarters, one of the region's largest employers, and to major interstates, such as Interstate 77 and Highway 150. When high-end work environments fostering creativity, connectivity, and convenience are key, the Design Center is the ideal destination.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
81,135 SF
Building Class
B
Year Built/Renovated
1960/2002
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
81,135 SF
Building FAR
0.29
Lot Size
6.40 AC
Zoning
G-1 - neighborhood commercial zone district that requires new development to set aside land for park and open space
Amenities
- Fenced Lot
- Signage
- Air Conditioning
Property Taxes
| Parcel Number | 4667-25-8732.000 | Improvements Assessment | $2,327,540 |
| Land Assessment | $244,540 | Total Assessment | $2,572,080 |
Property Taxes
Parcel Number
4667-25-8732.000
Land Assessment
$244,540
Improvements Assessment
$2,327,540
Total Assessment
$2,572,080
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