‘Stay calm!’ NoDa’s beloved Neighborhood Theatre reassures patrons after building sale
.JPG "The Neighborhood Theater has been in Charlotte’s NoDa neighborhood for over 25 years. A Nashville-based investment group recently purchased the building for $10.3 million.")
A retail building in the heart of Charlotte’s NoDa neighborhood has a new price tag. $10.3 million. But what will happen to the string of older buildings — and the popular businesses and theater that call it home?
Here’s one message:
“Stay calm!” the Neighborhood Theatre posted on its Facebook page late last Friday night after news spread about the sale of its building to Nashville-based investment group AJ Capital Partners.
“This will be the fourth change in landlords since the venue opened over 25 years ago,” the post read. “We’ve survived all of those changes (and two years of Covid shutdown). Our lease conveys to the new owners and our only plans are to continue providing great live music experiences to our Charlotte audiences.”
AJ Capital Partners plans “further enhancements” to the property.
That’s according to a statement from Stream Realty Partners, which represented the seller. Ascent Real Estate Capital, a Charlotte-based real estate investment company, owned the retail block over the last seven years, according to Ascent’s website.
But specifics of those enhancements are not clear.
Tim Ryan is a principal at AJ Capital specializing in live music venues, boutique hotels and other experiential real estate.
“We are excited and honored to steward this legacy property,” Ryan said in a statement shared with The Charlotte Observer, “and to preserve its role as NoDa’s hub for live entertainment, alongside some wonderful restaurants and shops.”
Stream Realty didn’t comment beyond its news release.
The block is an “irreplaceable asset” embodying the essence of NoDa, Stream’s executive managing director Jared Londry said in a statement.
Ascent added to the building’s aesthetics and retail during its ownership, according to Stream. AJ Capital’s improvements will keep the use of the theater.
History of the NoDa block
The building at the corner of E. 36th and North Davidson dates back to the 1940s, according to Ascent’s website.
Neighborhood Theatre was originally built as a movie theater named Astor in 1945 but closed in the late 1970s, according to Neighborhood Theatre’s website. The theater underwent restoration in 1997 and was converted into a live performance venue that has a 956-person capacity.
Salud Cerveceria, the James Beard-nominated brewpub, opened in 2017 by expanding to a second-floor space. The beer shop opened in 2012.
The retail block also is home to restaurant Boudreaux’s and the bar Sanctuary. Sun glass shop Johnny Fly Co. also has a location there.
This story was originally published February 22, 2023 at 5:45 AM.
