Landmark NoDa retail building in Charlotte sells for $10.3M  

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A prominent retail building in the heart of Charlotte’s North Davidson neighborhood has sold to a Nashville-based real estate investment manager for $10.3 million. 

AJ Capital Partners purchased 36 & NoDa at 501-517 E. 36th St. from Ascent Real Estate Capital, a Charlotte, N.C.-based entrepreneurial real estate investment company. The 26,447-square-foot property is currently 100% leased with an eclectic mix of retailers ranging from a nationally recognized bar and beer shop to a resident-favorite live music and theater venue.  

Stream Realty Partners Executive Managing Director Jared Londry and Senior Associate Alex Olofson represented the seller in the transaction. Stream, a national commercial real estate firm offering an integrated platform of services, has a growing office in Charlotte that services the Carolinas with a specialized team focused on the valuation and disposition of office, industrial, and retail properties. 

NoDa is Charlotte’s thriving arts and entertainment district that has recently transformed into the city’s high-growth infill corridor. 36 & NoDa is a high-street, experiential retail investment that is home to notable tenants including Salud Cerveceria, a recent James Beard Foundation award semifinalist for Outstanding Bar, and Neighborhood Theatre, one of Charlotte’s oldest music venues for locals and concert enthusiasts.  

Londry calls 36 & NoDa “an irreplaceable asset that embodies the essence of what comes to mind when people think of NoDa.” 

“Local operators like Salud are the backbone of the small business community and what create the coveted ‘authentic’ tenant makeup at this location,” he said. “Promoting Salud’s incredible success along with the staying power of Neighborhood Theatre helped pique initial interest in this property. But convincing investors to come to Charlotte to feel the environment’s energy is what really demonstrated the value-proposition and generational value of this asset, which ultimately led to insatiable demand from capital sources.”  

With a host of multifamily apartments in the area and Charlotte’s Lynx light rail system nearby, 36 & NoDa is within easy walking distance for city residents and visitors alike. 

“Our Stream Carolinas team is proud to have played a part in the 36 & NoDa transaction,” Olofson said. “The Ascent team did an exceptional job elevating the aesthetics and adding complementary retail over their ownership period. We look forward to AJ Capital’s further enhancements that will maintain the authentic use of Neighborhood Theatre as a storied piece of our city’s history.”