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Sales of Lexington restaurant, retail center total $3M

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Staff Report
Published Feb. 15, 2016

Two retail locations in Lexington have sold for a total of about $3 million, according to commercial real estate reports.

MECA Lexington SC 1-1
Cedarcrest Village Shopping Plaza on Main Street in Lexington recently was sold for about $2.1 million. (Photo/Provided)
Charlotte-based Coldwell Banker Commercial MECA announced that it has facilitated the purchase of Cedarcrest Village Shopping Plaza in Lexington on behalf of Cedarcrest Fund LLC.

The purchase price for the property at 955 E. Main St. was about $2.1 million, the firm said. Cedarcrest Village is across from the Lexington Public Library, three-fourths of a mile from the Lexington County Courthouse and government campus and 1.4 miles from the interchange of U.S. 1 and I-20.

“Lexington boasts incomes well above the national median, while home prices are below the national median,” said Andrew Gonedes, from Coldwell Banker MECA’s Charlotte office, who managed the transaction. “The attractive public school system, low cost of living, and proximity to Columbia will continue to attract family-oriented professionals to settle in Lexington. Retailers stand positioned to benefit as the community is flush with disposable income.”

In the second transaction, the former Gilligan's restaurant at 938 N. Lake Drive has been sold to Royalty Properties LLC, which plans to reopen the facility in March as Mr. D's Steaks and Seafood, according to NAI Avant. Lexington Mayor Steve MacDougall has been named manager.

The purchase price of the approximately 7,500-square-foot, fully equipped restaurant that seats about 250 was $825,000.

NAI Avant brokers Roger Winn, Paul Hartley, and Paul Paschal, represented the seller, RanDam Properties LLC in the sale. W. Rhett Kelly, sales associate of Southern Visions Real Estate, represented the buyer.

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