AJ Capital Partners Buys Charlotte Retail Asset
The property is part of the city's historic arts and entertainment district.
36 & NoDa. Image courtesy of Stream Realty Partners
AJ Capital Partners has acquired 36 & NoDa, a 26,447-square-foot retail center in Charlotte, N.C. Stream Realty Partners brokered the $10.3 million transaction on behalf of the seller, Ascent Real Estate Capital.
Located at 501-517 E. 36th St., the asset is in an infill retail corridor within NoDa, the city’s historic arts and entertainment district. Salud Cerveceria and Neighborhood Theatre are among the tenants at the fully leased property.
City residents and visitors can easily walk to 36 & NoDa since it is conveniently located near an array of multifamily apartments and Charlotte’s Lynx light rail system. The employment nodes of Uptown and University City are also close by.
Stream Executive Managing Director Jared Londry and Senior Associate Alex Olofson brokered the deal on behalf of the seller.
According to a recent Cushman & Wakefield report, the fourth quarter of 2022 saw a robust retail sector with resilient demand driving shopping center vacancy to its lowest level on record since 2007. Additionally, the sector experienced positive net absorption for the seventh consecutive quarter, totaling 10.9 million square feet nationwide as of December.
The same data source shows Charlotte’s retail market recorded a vacancy rate of 4.5 percent in Q4, while net absorption totaled 82,045 square feet.
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