Idlewood Capital, a private real estate investment firm focused on the acquisition and repositioning of neighborhood and community retail centers, and Morgan Company, a full-service commercial real estate firm with nearly 50 years of development, management, and brokerage experience, today announced a joint venture to acquire South Union Shopping Center, a Food Lion-anchored retail property located on Union Street South in Concord, North Carolina. Following the acquisition, the partners will undertake a complete facade renovation and refresh of the center.
The renovation, designed by Little Diversified Architectural Consulting, will refresh the center’s exterior with new storefronts, updated signage, and new awnings and canopies, along with an updated material palette. The partnership will also implement a modern asset management strategy to support the tenant mix for the long term.
“South Union is exactly the kind of asset we built Idlewood Capital to pursue: a well-located, grocery-anchored center in one of the fastest-growing corridors in the Charlotte region that simply needed capital and a long-term owner committed to it,” said George Kornegay, Founder and Managing Principal of Idlewood Capital. “Concord’s growth is undeniable, but what makes this specific community special is that it hasn’t lost its character along the way. Our goal with this renovation is to honor that by giving the center a new look that feels at home on South Union Street. The Morgan Company is the ideal partner for this asset, and we’re excited to bring South Union’s next chapter to life together.”
“We are excited and looking forward to reimagining this shopping center,” said Jonathon Wylie, Vice President of Development for Morgan Company. “South Union Shopping Center has been a fixture of this community for years, and we see real opportunity to invest in that legacy. We are confident the community will be proud of the new look!”
As joint venture partners, Idlewood Capital and Morgan Company will oversee the acquisition, renovation, and long-term asset management of the property. South Union Shopping Center is anchored by Food Lion, which will remain open and continue serving the community throughout construction. Construction on the renovation is expected to begin in the first quarter of 2027 and conclude in the summer of 2027. Leasing for the center is being handled by Lilly Fitch (Lilly.Fitch@cbre.com) and Darrell Palasciano of CBRE.
About Morgan Company
The Morgan Company is a full-service commercial real estate firm offering development, asset and property management, brokerage, and capital management services. For almost 50 years, the professionals at Morgan Company have produced quality commercial developments for its principals, clients, and investors, acquiring, developing, managing, and leasing over $1 billion in multi-sector assets in markets across the eastern United States. The firm handles all phases of the development process, from site selection and governmental approvals to financing and construction, and provides leasing, property, and asset management services for retail shopping centers, office buildings, hotels, medical facilities, and single-tenant properties. (www.morgancompany.com)
About Idlewood Capital
Idlewood Capital is a private real estate investment firm focused on the acquisition and repositioning of neighborhood and community retail centers. The firm is responsible for deal sourcing, underwriting, capital structuring, and asset management, with an emphasis on value-add strategies in high-growth Southeastern markets. (www.idlewoodcapital.com)
