Special to IFN
Lucern Capital Partners, a multi-tenant commercial real estate investment firm, on Tuesday announced the acquisition of Marathea Plaza, a neighborhood retail center at 2785 Charlotte Highway in Mooresville. This $6.3 million acquisition demonstrates Lucern’s commitment to fostering local economic growth and revitalizing retail offerings in the area.
Following the recent purchase of the North Graham Business Center in Charlotte, Lucern’s third investment in Mooresville marks nearly a decade of activity in the Charlotte region.
The property features 33,600 square feet of retail space on 4.57 acres, with 514 feet of frontage on Charlotte Highway and 166 parking spaces. Located on Mooresville’s main commercial corridor, Marathea Plaza offers strong visibility and access. Area traffic counts are projected to double by 2030, due to planned road widening and population growth.
The plaza is also directly connected to Interstate 77 and Highway 150. Anchored by service-focused tenants such as Papa John’s Pizza, Jackson Hewitt, Bambini Italian Restaurant, and other local businesses serving nearby residential communities, Marathea Plaza is a convenient retail destination within one of the region’s fastest-growing corridors.
“Mooresville and the broader Lake Norman area continue to benefit from exceptional population growth and proximity to Charlotte,” said Frank Forte, managing partner and chief investment officer of Lucern Capital Partners. “We look for properties that sit in the path of that growth and serve the daily needs of local communities. Marathea Plaza checks those boxes. It has excellent visibility, strong traffic counts, and a diverse tenant mix.”
Lucern Capital plans to implement a targeted asset management program focused on increasing occupancy through leasing and supporting tenants, with selective capital improvements. These initiatives are designed to create jobs, enhance the shopping experience, and contribute to the
long-term vitality of the Mooresville retail market by elevating Marathea Plaza’s competitive position.
“Neighborhood retail is a growing part of our investment strategy, which complements our multi-tenant light industrial strategy,” Forte added. “We are focused on acquiring well-located centers that provide everyday services and align with regional population trends. This approach allows us to capture demand generated by new residents and businesses, especially in fast-growing markets like the Charlotte region.”
Founded in 2016, Lucern Capital Partners invests in light industrial and retail assets in high-growth East Coast markets. The firm pursues value-add opportunities with a disciplined, hands-on approach. Its management team has over $400 million of transaction volume and has completed over $2.5 billion in real estate transactions.