SRS Real Estate Brokers $2M Sale of Grocery-Anchored Retail Center in Albemarle
SRS Real Estate Partners has completed the $2.2-million sale of First Street Station, a 52,230-square-foot multi-tenant grocery-anchored retail center located at 801-819 North First Street in Albemarle, NC.
The property was building in 1989 and is situated on just over six acres. The property is 91% occupied by tenants including Harris Teeter, Roma Pizza and Napa Auto Parts.
Ed Laycox of commercial real estate solutions firm SRS Real Estate Partners represented the seller, a NC-based private investor. The buyer was a Charlotte, NC-based private investor who was in a 1031 exchange and paid all-cash.
“The anchor tenant, Harris Teeter, was on a short-term lease which made financing very challenging,” said Laycox. “Ultimately, we were able to identify and all-cash buyer who bought the property using 1031 funds and understood the value of this well-occupied, sizable center with upside potential in negotiating market rate leases as they expire.”
First Street Station is located on the primary thoroughfare in Albemarle.
- ◦Sale/Acquisition