Food Lion-anchored retail center in Charlotte trades for $7.85M

CHARLOTTE, June 7, 2022 – JLL Capital Markets announced today that it has closed the $7.85 million sale of and arranged $6.04 million acquisition financing for Ashley Road Plaza, a 52,104-square-foot retail center anchored by Food Lion in a rapidly growing residential and commercial market in Charlotte, North Carolina.

JLL marketed the asset on behalf of the seller, Rosen Charlotte, LLC. Piedmont Capital acquired the asset, its second Food Lion-anchored acquisition in the past 12 months. Additionally, working on behalf of the new owner, JLL placed the seven-year, fixed-rate acquisition loan with Encore Bank.

Anchored by Food Lion, Ashley Road Plaza is 95 percent leased to a diverse mix of local and regional service-based and restaurant tenants, including Yard Cooked Dishes; CBD & Vape, Inc.; NC Nails; Master Kutz Barber; Golden Wok Express; Alexis African Hair and Liberty Tax. Food Lion, an institutional-quality grocery, joined the property in the spring of 2021 and drives significant daily foot traffic to the entire shopping center.

Ashley Road Plaza is positioned on 6.44 acres at 1610 Ashley Rd. in a key commercial corridor in Charlotte’s high-growth West Charlotte submarket, which is currently undergoing a revitalization and becoming one of the city’s thriving retail nodes. Positioned five miles from downtown Charlotte, the center is at the entrance to Westerly Hills and Bryan Park residential developments. The property is surrounded by 77,664 residents within a three-mile radius, which is a 22 percent increase since 2010.  This demographic shift has brought in a more affluent population with average household incomes expected to increase from $68,000 to $77,597 by 2026.

The JLL Retail Capital Markets team representing the seller was led by Senior Director Thomas Kolarczyk, Managing Director Bill Moylan and Director Ryan Eklund.

Grocery-anchored retail has consistently showcased its inelasticity against market disruptors, providing investors with surety of long-term cash flow,” Kolarczyk said. “We continue to respond to record investor interest in grocery-anchored retail in the Carolinas. Ashley Road Plaza is another example of the momentum behind the Food Lion name and Charlotte region.”

The JLL Capital Markets Debt Advisory team representing the new owner included Managing Director Cory Fowler and Senior Director John Gavigan.  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.