Jul
08

Raleigh’s Creekside Crossing Shopping Center Sold

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Continental Realty Corporation  has acquired Creekside Crossing, a 60,500 square foot neighborhood shopping center located at 404 East Six Forks Road, Raleigh, North Carolina for $6.3 million. The asset was purchased from Wells Fargo and the seller was represented by Mike Burkard and Steve Shields from CBRE’s Charlotte offices.

The shopping center was acquired on behalf of CRC Fund III, L.P., which is focused on buying value-add retail and multi-family properties in the Mid-Atlantic and Southeast regions. This will contribute to a portfolio that already contains seven properties.

Creekside Crossing, constructed in 1999, is located at the southwest intersection of Six Forks Road and Wake Forest Road, just inside the I-440 Beltline in City of Raleigh. The center is positioned in a dense, infill market with high barriers to entry and limited retail supply.

The center is currently 70% occupied and is shadow anchored by a Kroger supermarket and anchored by Staples and Dollar Tree. The current vacancy includes a 12,455 square foot end cap unit; two 1,320 square foot in-line spaces, and a 3,080 square foot fully built-out former restaurant space. Occupancy will soon drop to 30% when Staples relocates, creating a significant value-add opportunity to backfill the anchor space. Banks Hunter from Hunter & Associates has been selected as the exclusive leasing broker for the center.

Nearly 85,000 consumers reside within a three-mile radius of Creekside Crossing with an average household income approaching $75,000.

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    Categories : Raleigh

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