Hines Global Income Trust has acquired the Design District, a historic mixed-use complex in Charlotte, from Asana Partners in a $170 million transaction. The property, commonly known as the Design Center, traces its origins to the 1920s, when it was built as the Nebel Knitting Mill. Asana Partners assembled the various components of the development over time and repositioned the former industrial buildings into a destination that combines office space, retail offerings and restaurants.
According to reporting cited from the Charlotte Business Journal, Asana Partners initially purchased the original three Design Center buildings in November 2016 for $42.7 million. In the years that followed, the firm expanded its footprint by acquiring additional nearby assets, ultimately creating a larger, cohesive assemblage. Today, the Design Center totals 238,733 square feet and is fully occupied, with the complex reported to be 100% leased at the time of the sale.
Asana continued to invest in the property in the run-up to the disposition. In 2024, the firm committed approximately $3 million to interior upgrades at the Design Center Atrium, located at 127 W. Worthington Ave. The renovation program covered about 20,000 square feet and focused on enhancements to shared common areas, along with reconfiguring a portion of the space to deliver several office speculative suites. These improvements were aimed at modernizing the user experience within the historic framework of the buildings.
On the transaction side, Hines Global Income Trust was represented in the acquisition by Paul Zarian and Hines’ Jesse Amundson. Asana Partners was represented by Eastdil Secured, with Ryan Shore and Miles Theodore advising the seller. The deal transfers a fully leased, recently renovated historic complex that blends office, retail and restaurant space from one institutional owner to another, underscoring ongoing investor interest in stabilized, adaptive reuse assets in established urban districts.
