Raleigh investor targets Franklin County growth, buys restaurant space

A new dining option could soon be coming to downtown Louisburg.

Raleigh-based CityPlat purchased the building at 200 E. Nash St. in Louisburg for $590,000, according to a deed filed July 20. Keith Bashi, director of leasing at CityPlat, said the company is looking for a restaurant to lease the space.

“We did a little bit of research on Franklin County and we saw tremendous economic growth and home development in the market,” Bashi said. “We decided to purchase this asset so we can bring a little bit of a fresh Raleigh feel to Louisburg.

“We would like to bring some of the business owners that have succeeded in the larger city to Louisburg to improve the community and give the community a fresh option of dining,” he said.

Louisburg is a small town of roughly 3,500 about 50 minutes north of downtown Raleigh. The town is located in Franklin County, one of the hottest areas in the Greater Triangle for new development. The county expanded its population by a torrid pace of 4.6 percent between 2020 and 2021, according to U.S. Census estimates, and is today home to about 71,700 people.

CityPlat has been an active player in the downtown Raleigh real estate scene, with multiple projects along Hillsborough Street as well as in Glenwood South and the Warehouse District.

Bashi said the Louisburg property is about 5,025 square feet and is two suites, with addresses of 200 and 202 E. Nash St. The space was previously home to Fox’s Taproom.

Bashi said the preference would be to have one tenant occupy both suites.

“But, we’re open to the idea of two different tenants, it just depends on the use,” he said. “We would love something that would go hand in hand with the current restaurant space. Maybe an ice cream shop, coffee shop, a little breakfast shop.”

Bashi said the space is turnkey, and there has already been considerable interest in the site. Speaking Friday afternoon, he said he had three showings on the space that morning and the hope is to have the space leased within the next month.

“The main purpose for buying the property is we saw the potential Louisburg and Franklin County is going to have in the future, and we want to get involved in the growth that’s happening there,” Bashi said.

Evan Hoopfer covers real estate and economic development in the Greater Triangle, focusing on the counties outside Wake, Durham and Orange. Have a tip? Reach him at ehoopfer@bizjournals.com or (919) 327-1012.

July 25, 2022