CBRE|Raleigh Brokers Sale of Burlington Outlet Village

Wells Fargo Bank sold the sprawling retail center off of Interstate 40/85 in Burlington for nearly $1.9 million.

By Adriana Pop

Raleigh, N.C.—CBRE|Raleigh has arranged the sale of Burlington Outlet Village in Burlington, N.C. Blue Empire LLC, a group of investors from Chapel Hill, purchased the 239,139-square-foot retail/flex center from Wells Fargo Bank N.A. for nearly $1.9 million.

Burlington Outlet Village
Burlington Outlet Village

Located at the intersection of Corporation Parkway and Plaza Drive, Burlington Outlet Village has been under bank ownership since 2014. Wells Fargo had foreclosed on the retail property after the previous ownership group led by Raleigh real estate investor Jim Anthony filed for Chapter 11 bankruptcy protection, the Triangle Business Journal reported.

Burlington Outlet Village is composed of eight single-story buildings and sits on about 23 acres, offering easy access to Chapel Hill Road and I40/I-85. The center is currently 71.3 percent leased, with anchor tenants Hospice Thrift Shop, Rack & Roll Billiards and Burlington Brands.

Senior Vice President Chester Allen, Senior Vice President Barry Bowling and Vice President Carlton Midyette III with CBRE|Raleigh led the sale on behalf of the bank.

CBRE|Raleigh also represented Wells Fargo in April this year when it sold an additional 9,250-square-foot building in Burlington Outlet Village to JMP Global LLC. The building was partially leased to Adam & Eve at the time of the sale.

CBRE|Raleigh is a joint venture between local principals and CBRE Group. The firm, which serves the Triangle region, completed $1.3 billion of sales and leasing transactions in 2015.

Earlier in May, the group was selected as the exclusive leasing agent for Research Triangle Industrial Center in Morrisville, N.C.

Image via Google Street View