North Carolina Shopping Center Trades for $83M
Triple Net Group has sold a 99%-leased, 350,800-SF, grocery-anchored retail center in Fayetteville, NC.
FAYETTEVILLE, NC – New York-based Triple Net Group has sold a 350,800-square-foot, grocery-anchored shopping center in Fayetteville, NC for $83 million.
The asset, Freedom Town Center, sold to an investment group in a 1031 exchange for a sales price that represents $236 per square-foot.
Freedom Town Center is more than 99% occupied by tenants, such as Sprouts, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, Home Goods, Burkes Outlet, Petco, Buy Buy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys.
Constructed in 2017, the shopping center serves more than four million customers annually.
Situated on 38 acres of land in the city’s main retail area, the property is located near downtown Fayetteville and Fort Bragg, one of the world’s largest military bases.
Steven Siegel, senior managing director at Institutional Property Advisors, a division of Marcus & Millichap, arranged the sale on behalf of the principals. Regional manager and VP, Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.