The Shops at Franklin Square in Gastonia is changing hands, with a Charlotte investor stepping in as the new landlord in a $24.5 million deal. The community shopping center, which lines East Franklin Boulevard along one of the city’s busiest retail corridors, now joins a growing roster of neighborhood properties in a firm’s expanding Carolina footprint.
According to a filing with the U.S. Securities and Exchange Commission, Medalist Diversified disclosed that MDR Franklin Square LLC entered a purchase-and-sale agreement to sell the 134,239-square-foot Shops at Franklin Square to PC Acquisitions LLC for $24.5 million. The filing states the transaction is expected to close in roughly 45 days.
Sale documents list PC Acquisitions with a Charlotte mailing address and a contact email at piedmontcapitalre.com, tying the buyer to a local ownership group. The property is also featured in the online portfolio of Piedmont Capital, further linking the deal to the Charlotte-based investment firm.
As reported by the Charlotte Business Journal, the acquisition brings Piedmont Capital’s retail holdings to 11 properties across North Carolina and Virginia. The outlet also notes that the firm recently added a vice president of operations as it builds out its property-management team.
Property and tenants
The center covers about 10 acres along East Franklin Boulevard and is anchored by necessity-based national retailers. Property marketing materials highlight co-tenants such as Walmart Supercenter, Ross Dress for Less, Best Buy and Michaels, with estimated average daily traffic along Franklin Boulevard of about 38,500 vehicles, according to LoopNet.
What this deal may mean
The purchase agreement specifies that the buyer will acquire the property "as is, where is, with all faults" and will assume the existing leases, a setup that should limit immediate disruption for tenants, according to Medalist Diversified. On its website, Piedmont Capital emphasizes a strategy targeting "core plus and value-add" assets, which points toward potential operational tweaks or selective capital improvements rather than a dramatic overhaul.
The deal highlights ongoing investor interest in grocery-anchored and necessity-focused centers around the Charlotte metro, where steady foot traffic can be more attractive than flashier retail concepts. Any visible changes at the Shops at Franklin Square are likely to roll out gradually after closing, once the new owner finalizes a game plan for the property.
