FCA Goes Shopping in The Triangle
- Jun 26, 2017
FCA Partners LLC, a real estate investment management company, purchased Celebration at Six Forks, a 125,000-square-foot retail center in North Raleigh, N.C. The asset traded for $19.1 million. A New Jersey-based high net worth fiduciary represented by Berkeley Capital Advisors sold the property.
Located at 7365 Six Forks Road, the shopping center sits on 11 acres at the intersection of Six Forks and Sawmill Roads, approximately four miles outside of Interstate 440. Fitness Connection, Dollar General, McDonald’s, Domino’s, The UPS Store and BB&T Bank are among the national, regional and local retailers and service providers that are part of the tenant roster. At the time of the transaction, the shopping center was 95 percent leased.
“North Raleigh is a prime residential growth area and this great real estate is currently operating below its potential. Celebration at Six Forks is situated along one of North Raleigh’s primary commercial corridors offering tenants prime visibility and exceptional accessibility,” said FCA Partners Managing Partner Albert Lindemann, in a prepared statement.
Extensive improvements planned
FCA intends to address the outdated aspect of the 1978 property by performing several physical updates, including material accents such as wood, stucco and steel. Under canopy painting, lighting, landscape installations and hardscape improvements are also planned.
Roughly 192,000 consumers with average household incomes of almost $96,000 live within a five-mile radius of the retail center. Also, population growth in the area is expected to continue to up to 9 percent by 2021.
Image via Google Street View