Madison Commercial Sells Second Phase of South Carolina Retail Development
Madison Commercial, a division aimed at expanding Madison Capital Group’s retail platform with a focus on net lease acquisitions and built-to-suit developments, 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 when real estate investment and development firm Madison Capital Group acquired the 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.”
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%. 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, drives economic growth in the Southeast, particularly in finance, healthcare, and technology.
According to Madison Commercial, the development underscores Charlotte-based Madison Capital’s expertise in delivering investment-grade properties in prime locations.
