Family Ownership Group Sells 10-Suite Retail Center In Charlotte For $6 Million

The property asset involved in the transaction is a retail strip center located at 5534 Albemarle Road in Charlotte, NC. The sale price of the property was $6,000,000, with a total square footage of 26,615. The asset is situated on 2.58 acres and contains 10 units, resulting in a price per square foot of $225 and a price per unit of $600,000. The property was fully occupied at the time of closing.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $6,000,000
• Address: 5534 Albemarle Road
• Market: Charlotte, NC
• Square Footage: 26,615
• Acres: 2.58
• Units: 10
• Price per Square Foot: $225
• Price per Unit: $600,000

Marcus & Millichap represented the seller in this transaction, with Kyle Carpentier, Andrew Margulies, and Harrison Creason acting on behalf of the local family ownership group. They successfully procured a fund-based private equity group as the buyer for the asset, facilitating the transition of ownership.