Mount Olive, N.C. — The Cooper Commercial Investment Group has arranged the sale of The Shops of Mount Olive, a 9,267-square-foot shopping center in Mount Olive. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller, a private investor based on the East Coast. The private California buyer purchased the property for $2.4 million. Built in 2008, the center is anchored by El Mazaltlan Mexican Restaurant and is shadow-anchored by Walmart Supercenter. Other tenants at the center include Fantastic Sams, Cricket Wireless, Papa John’s and Diener Law …
Monroe, N.C. — Irgang Group has acquired Poplin Place, a 196,462-square-foot regional shopping center in Monroe, about 21 miles from Charlotte. Ben Bruner of the Bruner Group represented Irgang Group on the transaction. Thomas Kolarczyk, Danny Finkle and Eric Williams of JLL Capital Markets represented the seller, Big V Property Group. Built in 2005, Poplin Place is fully occupied by an anchor tenant lineup that includes T.J. Maxx, Ross Dress for Less, PetSmart, Burlington, Big Lots and pOpshelf, along with a Target shadow anchor. Poplin Place also features tenants including …
Cary, N.C. — Lotus Cinemas, an international and independent film theater, is set to open on March 25 at Parkside Town Commons in Cary, about 18 miles from Durham. The theater, which is the brainchild of Paragon Theaters’ co-CEOs Michael Whalen and Michael Wilson, will be exclusively dedicated to niche films by up-and-coming and award-winning foreign and domestic cinematographers. Lotus Cinemas will include four newly renovated auditoriums with reclining seats, a concession area and a new dedicated entrance. Each auditorium will feature zero-gravity recliners, reserved seating, wall-to-wall screens and Dolby …
Fayetteville, N.C. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Freedom Town Center, a 350,838-square-foot shopping center in Fayetteville. The seller, an entity doing business as NC Fayetteville Skibo LLC, sold the property for $72.5 million to an undisclosed buyer. Kyle Stonis, Pierce Mayson and Boris Shilkrot of SRS’ Atlanta office represented the buyer in the transaction. Tyson Glasser of RealtyLink represented the seller. Built in 2017, Freedom Town Center was 99.7 percent leased at the time of sale to tenants including Field & Stream, …
Atlanta and New York City — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Preferred Apartment Communities Inc. (PAC) for approximately $5.8 billion. Under the terms of the agreement, BREIT will acquire all outstanding shares of PAC’s common stock for $25 per share in an all-cash transaction. PAC’s portfolio includes 44 multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, as well as 54 grocery-anchored retail assets comprising roughly 6 million square feet in Atlanta, Orlando, …
Asheboro, N.C. — Flagship Realty LLC has purchased 1334 East Dixie Drive, a two-tenant retail building in Asheboro. The 6,400-square-foot property was fully occupied at the time of sale by Mattress Warehouse and AT&T. Jimmy Flowers of Flowers Capital Holdings brokered the $2 million sale. Flowers Capital Holdings will also manage the property. Pinnacle Bank provided a $1.6 million loan for the acquisition.
Atlanta — Stockbridge has acquired a six-property, grocery-anchored portfolio located in five markets across the Southeast. Branch Properties will maintain minority ownership in the portfolio and will continue to handle management and leasing at the property level. The portfolio features grocers Publix Super Markets and Harris Teeter, along with a mix of service providers, retailers and restaurants. The six properties, totaling 765,969 square feet, include Burnt Store Marketplace in Punta Gorda, Florida; Village Shoppes of Sugarloaf in Lawrenceville, Georgia; Five Forks Corners in Lilburn, Georgia; Waterford Village in Wilmington, North …
Wilmington, N.C. — Floor & Décor will occupy a 51,270-square-foot single-tenant retail building located at 816 South College Road in Wilmington. The property was formerly occupied by Dick’s Sporting Goods. The building became available when Dick’s relocated to nearby Independence Mall. Brian Grabowski of TradeMark Properties represented property owner, Winwil Realty, in the leasing transaction. Renovations to the space are underway, with Floor & Decor expected to open this summer.
Charlotte, N.C. — BayHaven Restaurant Group plans to open four restaurants at Camp North End, a mixed-use development currently underway in Charlotte. Passage Seafood, The Abyss, Bird Is The Word and B.A.D. (Beyond Amazing Donuts) are expected to open this summer. B.A.D. and Bird Is The Word will be situated next to each other in a 1,400-square-foot space; Passage Seafood will occupy 2,000 square feet; and The Abyss will occupy 1,300 square feet. Passage Seafood and The Abyss will offer indoor and outdoor dining space. Developed by ATCO Properties & …
Mooresville, N.C. and San Diego — Lowe’s and Petco Health and Wellness Co. Inc. have announced plans to open a new in-store concept that will offer both home and pet products within select Lowe’s locations. The first Lowe’s + Petco store-in-store concept is slated to open at the Lowe’s Alamo Ranch store in San Antonio at the beginning of February. The companies plan to expand to 14 additional Lowe’s locations in Texas, North Carolina and South Carolina by the end of March. The purpose of the Lowe’s + Petco locations …