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A local investment group has purchased a 14K SF retail building at 3200 North Davidson St. from artist Paul Sires, who moved to NoDa in the 1980s and opened the first gallery in the area now known as Charlotte’s Arts District.
A duplex behind the building at 511 East 35th St. was also purchased by the same group of private investors, listed as 3200 NODA LLC. LCRE Partners Managing Principal Aaron Ligon said the group wishes to remain unnamed; the purchaser is listed in care of Moore & Van Allen PLLC. The properties were purchased for $3.8M, according to the Charlotte Business Journal.
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Ligon said the group does not plan to demolish or redevelop the retail building, built in 1927, any time in the foreseeable future. Tenants include Custom, Fu’s Custom Tattoos, Jeremy Igo Photography, Pura Vida Worldly Art, Ruby’s Gift and The Agency Marketing Group. The duplex property is zoned for single-family residential.
The landlord plans to make aesthetic improvements and address deferred maintenance, including replacing wood rot, improving existing storefront windows, adding awnings, painting and a new roof in the coming year.
Rents will rise for tenants, Ligon said.
“The buyer is working with the existing tenants to simultaneously improve the property and create reasonable arrangements that address two diametrically opposed concepts: the inflationary rental market that demands rising occupancy costs; and the idea that landlords should try to create opportunity for tenants who have invested in NoDa over the years,” Ligon said.
“Our leasing firm is vested in this concept not only in NoDa but infill neighborhoods all over the city,” Ligon said.
LCRE is an owner of 36 and NODA, where the Neighborhood Theater is located. “In that case, we were able to work with existing tenants and bring other local tenants to the property,” Ligon said. New tenants include Salud Cerveceria, Trade and Lore and Johnny Fly Co. “I think that was one of the reasons we were hired for this assignment, to help the owner navigate that balancing act of working with existing tenants wherever possible.”
A 1,900 SF commercial space is available for lease, and Ligon said it could be used for retail or office. LCRE broker Chapman Chastain is the leasing agent. “The plan is to continue to operate the commercial building separately from the duplex, with the duplex being a two-apartment residential duplex,” Ligon said.
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