Madison Commercial, an affiliate of Madison Capital Group, has completed and sold Phase 2 of its retail development at 2320 Cherry Road in Rock Hill, S.C. The newly constructed 9,543-square-foot retail building is fully leased to prominent national tenants, including Deca Dental, First Watch, Panda Express and Tropical Smoothie Cafe.
Located on Cherry Road, which sees over 32,000 daily vehicles, the property is near I-77 and is situated in a high-growth suburb of Charlotte, N.C. Spanning 3.63 acres, the site features a pedestrian amenity area designed to enhance the experience for tenants and customers.
The development began with Madison Capital Group’s acquisition of a big box retail building on the back portion of the site in 2000. Following a complete conversion of the structure, Madison Capital affiliate Go Store it Self Storage transformed it into a state-of-the-art self-storage facility with 850 units.
“The redevelopment of the shuttered retail building played a foundational role in revitalizing this area, paving the way for Madison Commercial to complete and sell our Phase 1 building, which is occupied by Chipotle, Wing Stop and My Eye Lab. We are proud to have now successfully delivered and sold our Phase 2 building,” said Ted Haley, Vice President of Development at Madison Commercial. “These sales reflect our ability to leverage our collective strengths to capitalize on emerging opportunities and attract quality tenants to our developments.”
Deca Dental, a Dallas-based, clinician-founded dental service organization, has been delivering high-quality patient care since 2008. First Watch offers fresh, award-winning breakfast, brunch and lunch options across its network of neighborhood restaurants. Panda Express, the largest Chinese fast-casual restaurant chain in the United States, continues to expand, offering flavorful Chinese cuisine. Tropical Smoothie Cafe, founded in 1997, caters to health-conscious consumers with delicious and nutritious food options.
The project was constructed by Doerre Construction, designed by Redline Design, and the sale was brokered by Atlantic Retail.
The surrounding area includes over 1.7 million square feet of retail within a one-mile radius and boasts a retail vacancy rate of just 1.0%. Nearby national tenants include Publix, Chick-fil-A, Aldi and McDonald’s. The Charlotte Metropolitan Statistical Area, home to more than 2.7 million residents and boasting a GDP exceeding $207 billion, continues to drive economic growth in the Southeast, particularly in finance, healthcare, and technology.
Madison Commercial, a division of Madison Capital Group, is dedicated to expanding its retail platform through net lease acquisitions and build-to- suit developments. The development underscores Madison Capital’s expertise in delivering investment-grade properties in prime locations.
About Madison Capital Group
Madison Capital Group, headquartered in Charlotte, N.C., specializes in real estate investments with a primary focus on the self-storage and multifamily sectors. The company is the parent entity of Go Store It Self-Storage, a non-traded direct investment sponsor emphasizing self-storage, and Madison Communities, a vertically integrated real estate development and investment firm dedicated to crafting high-quality, suburban, garden-style apartment communities throughout the Southeast. For more information, visit madisoncapgroup.com.
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