Vacant Restaurant Property on Dickson Street Sells For $1.3M

by Paul Gatling ([email protected]) 1,201 views 

An historic commercial building at the corner of Rollston Avenue and Dickson Street in downtown Fayetteville has sold for $1.3 million.

According to county real estate records filed Wednesday, Monroe North Point LLC and Hammer Holdings LLC are the new owners of the 3,413-SF building at 300-306 W. Dickson St. The purchase price equals $380.89 per SF.

Peter Steinhart and Nancy Meyer, through their South Seas Events LLC, were the sellers.

Public records indicate John Davidson is the manager of Hammer Holdings and Steve and Nicole Fowler are members of Monroe North Point.

The property was listed and sold by Jeff Pederson with Lindsey & Associates Inc. of Fayetteville. Pederson declined to confirm the identity of the buyer.

Monroe North Point (87.5 percent) and Hammer Holdings (12.5 percent) are listed as tenants in common, according to property records.

[The new owners] have not decided on a new tenant, so it is available for lease,” Pederson said. “They are looking for a strong, long-term tenant.”

The building’s most recent tenant was San Lio restaurant. It closed about four months ago after being open for less than a year.

Another previous restaurant tenant was Aquafire Restaurant and Bistro. It closed in the spring of 2014 after a very brief run.

Before that, the building housed 1936 Club for nearly 20 years. The restaurant was owned by Steinhart until he closed the business in 2012.

The building was built in 1940, according to county records, and last sold to Steinhart in 2003 for $375,000.