Oct
19

Lowes Food Anchored Wake Forest Crossing in Raleigh Sold

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Charlotte, N.C.-based Ferncroft Capital has partnered with Alliance Commercial Investments of Greensboro, N.C., to acquire Wake Forest Crossing in Raleigh. Anchored by Lowes Food, the 90,000-square-foot retail center is located along Capital Boulevard. The property was 100 percent occupied at the time of closing. The acquisition price was reportedly $11.5 million, and traded at a 9.3 percent cap rate.
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Hunter and Associates represented the undisclosed seller in the transaction and will continue to lease the property. Alliance Commercial Properties will manage it. The acquisition marks the third grocery-anchored center purchased by Ferncroft in the past 24 months.
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    Categories : Raleigh

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