Business

Franklin Street property sold for $10.85 million

Courtyard of Chapel Hill, new home to Cat Tales Cat Cafe, has been sold.
Courtyard of Chapel Hill, new home to Cat Tales Cat Cafe, has been sold. Cat Tales Cat Cafe

Courtyard of Chapel Hill, a mixed-use property on Franklin Street, has sold for $10.85 million.

Vista Property Group, based in Michigan, purchased the property from Durham-based Dilweg Companies.

The property, at 431 W. Franklin St., has five buildings and is less than half a mile from UNC-Chapel Hill’s campus.

The property includes 17,389 square feet of retail and student housing, with 54 beds. Cat Tales Cat Cafe recently opened in one of the retail spaces.

John Weigle, a partner at Dilweg Companies, said the company had held the property for over 10 years, which is longer than their normal hold period for an asset.

Dilweg completely renovated the property and reached 100 percent occupancy before the sale.

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