A real estate investment firm has acquired a 33,000-square-foot warehouse at the Sugar Creek Lynx Blue Line light rail station for $5 million.

FOZ 4237 Raleigh LLC — eponymously named for the “Final Opportunity Zone” at the address purchased, 4237 Raleigh Street — intends to partner with nearby Station House and Trail Head developments to create an adaptive re-use, mixed-use neighborhood.

The buyer was assisted in the transaction by Legacy Real Estate Advisors’ Greg Godley and Andrew Blumenthal. This deal represents Legacy’s largest Opportunity Zone deal to date.

“This building provides an excellent opportunity to tap into the momentum surrounding the Sugar Creek Light Rail Station,” says Godley. “We are excited to keep driving positive development in this neighborhood to make it a regional destination.”

Details about the building itself can be found here.

North Carolina’s Opportunity Zones aim to attract investment capital into low-income areas of the state. Recently created as part of federal tax legislation known as ‘The Tax Cuts and Jobs Act (H.R.1),’ North Carolina Opportunity Zones will offer qualified investors certain tax benefits when they invest unrealized capital gains into such areas.

Low-income census tracts are areas where the poverty rate is 20 percent or greater, and/or family income is less than 80 percent of the area’s median income; North Carolina has 252 of these tracts.

Godley has worked with Tony Kuhn, CEO of Flywheel Gorup LLC, on projects in the neighborhood before.

“We are very excited about what is coming to the Sugar Street Station area,” Kuhn says. “This is a vibrant neighborhood that is developing, [and] has some momentum with such organizations and companies like Arts+, Charlotte Art League, Freshlist and Shed Amphitheatre making a home here.”