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Atlanta & Southeast  + Carolinas  + Retail  | 
SRS Real Estate Partners has brokered the $2.2-million all-cash sale of First Street Station retail center in Albemarle, NC.

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.


Inside The Story

SRS Real Estate Partners' Laycox

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.