News Trinity Partners Announces Sale of The Neighborhood Theatre Property in NoDa

Sep 19, 2016
Trinity Partners Announces Sale of The Neighborhood Theatre Property in NoDa

Trinity Partners is pleased to announce the sale of Charlotte’s Neighborhood Theatre property to 36th & NODA, LLC. David Morris and Dunn Mileham of Trinity Partners handled the sale on behalf of the seller, North Davidson Acquisitions, LLC.

The Neighborhood Theatre property is a 28,000 square foot, multi-tenant retail building located at the intersection of North Davidson and East 36th Streets in the heart of the North Davidson Historic Arts District, known as “NoDa.” While the Neighborhood Theatre property is anchored by the well-known arts and music venue, it also includes established local favorites Boudreaux’s Louisiana Kitchen, Salud Beer Shop, The Sanctuary, and FUD @ Salud.

The building and music venue are Charlotte landmarks, witness to dramatic changes in the area over the years while supporting and advancing the eclectic, arts-focused vibe for which NoDa is known. In 2007, the building and surrounding land was purchased by Tyler Foster, who originally planned to develop multi-family units for sale on the site’s vacant land. Understanding the Theatre’s significance, it was to serve as the development’s centerpiece while attracting additional tenants that supported local, urban retail and connectivity to the future 36th Street light rail station. As the economy shifted away from real estate purchases to rental units, Foster eventually decided to sell the land in 2013 to apartment developer Woodfield Partners, restricting the redevelopment of the existing structure to ensure integrity of the real estate and its central neighborhood role would continue.

“Fortunately for the neighborhood and Charlotte, the seller had the vision to ensure the integrity of the façade via deed restrictions that prevent the property’s demolition,” noted Morris. “Dunn and I worked to find a new owner that specializes in enhancing and redeveloping structures to preserve and enhance the architectural integrity and authenticity of meaningful older properties.” The investment group, 36th & Noda, LLC, led by Jon Dixon with LCRE Partners, has significant experience with adaptive reuse of older properties, including recent redevelopments of Central Crossing in Plaza Midwood and The Foundry in 3rd Ward, among others.

36th & NODA, LLC plans to preserve the building while investing in tenant-friendly improvements to address functionality.