Transfer Co. Food Hall listed for sale
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The inside of Transfer Co. Food Hall. Photo: Zachery Eanes/Axios
Transfer Co. Food Hall, one of downtown Raleigh's first food halls, is up for sale, according to owner Jason Queen of Monarch Properties, who told Axios it's time for someone else to lead the hall's evolution.
Why it matters: Since opening in 2018, the food hall has become one of downtown's most popular gathering spots. It's home to popular tenants like Benchwarmers Bagels, Alimentari at Left Bank and Burial Beer Co.
- What made Transfer Co. successful has been its intentional curation of tenants, Queen said. "We wanted the best of the best and we didn't stop until we got them."
Driving the news: The goal has always been for developer Monarch Properties to eventually sell the property, Queen said.
- "We have had it for seven years, and when COVID hit, it tacked on a few years to get it where we wanted it to be," he added.
Zoom in: Transfer Co. was built in a former warehouse owned by the city of Raleigh, which Queen bought from the city in 2017 for around $2 million.
- In addition to renting stalls to food tenants, which Queen says has an 95% retention rate, Transfer Co. operates a bar and several event spaces inside the 26,000-square-foot hall. Hopscotch Music Festival most recently used the space for several events.
- Queen said the facility would be ideal for a hospitality group to come take over, but he thinks it should be attractive to a variety of buyers.
- York Properties is listing the site, though it hasn't published an asking price. The property has an assessed value of $4.1 million, according to county records.
- The Triangle Business Journal first reported the listing.
What's next: Queen said he plans to continue to focus on urban development in Raleigh after the sale.
- In recent years, Monarch has been doing several residential real estate projects across the city, but it is continuing to search for new commercial opportunities.
- Queen also owns the whiskey distillery Cook's Mill Whiskey.