Franklin Street has brokered the $5.8 million sale of City View Shopping Center, a retail center located at 1526 Alleghany Street in Charlotte, N.C., just two miles from Uptown Charlotte, the city’s central business district. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, City View of N.C., LLC, and the buyer, Dinalli, LLC Waxhaw of N.C., in the transaction of the 77,550-square-foot property. The buyer plans to hold the asset for long-term investment.
City View is situated in the heart of Charlotte across from a Harvey’s Supermarket and two major high schools. The shopping center is anchored by American Freight Furniture and Mattress and Measurement Incorporated. City View has a diverse mix of service and retailer tenants.
“Investors are pouring millions into redeveloping the areas close to the city’s core,” said Tennant, senior director of retail investment sales. “We’re still seeing strong investor demand in major Southeast markets like Charlotte that are seeing strong job growth and expansion.”
“CITY VIEW WAS FORMERLY A WINN-DIXIE-ANCHORED CENTER THAT HAS BEEN RE-TENANTED WITH SEVEN NEW LEASES SIGNED IN THE LAST YEAR,” SAID BELK, SENIOR DIRECTOR OF RETAIL INVESTMENT SALES. “THE INVESTOR TOOK ADVANTAGE OF THE OPPORTUNITY TO PURCHASE A HIGH-PERFORMING CENTER IN ONE OF CHARLOTTE’S BUSIEST RETAIL CORRIDORS.”
Built in 1993, City View is located just minutes from Uptown Charlotte, I-85, and the Charlotte Douglas International Airport. The center is surrounded by national retailers including Walmart, Harvey’s, Walgreens, Dollar Tree, Planet Fitness and Kmart.