PAC Sells Raleigh Shopping Center – What is a Ground Lease?

, PAC Sells Raleigh Shopping Center – What is a Ground Lease?, Robert Khodadadian

Wakefield Crossing. Image courtesy of JLL Capital Markets

Granite Canyon Partners has purchased Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh, N.C., for $14.3 million. JLL Capital Markets brokered the transaction on behalf of the seller. Preferred Apartment Communities sold the grocery-anchored shopping center, according to CommercialEdge data. The property last traded for $12.1 million, sold by Hackney Real Estate Partners back in 2020.

Food Lion and Tuesday Morning anchor the 2001-completed center. Other tenants include Subway, Wakefield Tavern, Wake Health Medical Group and Dante’s Italiano. At the time of the sale, the center was 95 percent occupied.

Wakefield Crossing is located in Raleigh’s Wake Forest submarket, at 13200 Falls of Neuse Road. The center occupies 9.9 acres. According to JLL, the property sits in an area with a daily traffic count of approximately 19,500 vehicles and annual customer visits close to 800,000.

Senior Director Tom Kolarczyk led the JLL Capital Markets Investment Sales and Advisory team. Kolarczyk, along with Senior Managing Director Danny Finkle, also recently represented Columbia Development Group and Luber Adler in selling a 59,516-square-foot shopping center in New Bern, N.C.

The post PAC Sells Raleigh Shopping Center appeared first on Commercial Property Executive.

 Investment, News, Raleigh-Durham, Retail, South, Granite Canyon Partners, JLL Capital Markets, Preferred Apartment Communities Inc. 

ground lease, ground leases, net lease, 101, ground lease nyc, properties, properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, broker, daniel shirazi, Off-market real estate

Leave a Reply