Lake Wylie Plaza sells for more than $3.1M

From staff reportsDecember 2, 2013 

— The Lake Wylie Plaza, a 77,265-square-foot retail property on Charlotte Highway, has sold for $3,174,559, said Bryn D. Merrey, regional manager of Marcus & Millichap Real Estate Investment Services’ Raleigh office.

The plaza is owned by a limited liability company. The buyer, a private investment company in North Carolina, was not named.

“Lake Wylie Plaza offered several ways to add value and was marketed to cash-flow buyers and opportunistic investors,” Merrey said. “It went under contract very quickly and the buyer assumed an existing mortgage with a 50 percent down payment.”

At the time of sale, Lake Wiley Plaza was more than 90 percent leased to a mix of regional and local tenants including Fred’s Stores Inc., Lake Wylie Pizza, Rey Azteca, Bagel Boat and Sportcenter Athletic Club.

Lake Wylie Plaza is on more than 11 acres on S.C. 49 near Buster Boyd Bridge, which carries more than 22,000 vehicles-per-day.

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