NC Triangle Retail Center Sells for $11M
- Aug 28, 2018
Avison Young has brokered the $10.5 million sale of Glenwood Square, a retail center in Chapel Hill, N.C. Fairway Investments purchased the asset from Flagler Holdings. The Fresh Market and Rite Aid anchor the 51,900-square-foot property.
Located at 1200-1218 Raleigh Road, Glenwood Square is less than 2 miles from University of North Carolina at Chapel Hill, in the heart of the city. The 1987-built property spans across 4.7 acres along a high-traffic corridor. At the time of the sale, the center was fully leased and included 10 tenants.
“This was the first time the center had become available in more than 25 years. With so few opportunities to acquire high-quality, infill product in Chapel Hill, we knew this would be a great opportunity for the right buyer. The property has performed exceptionally well, given today’s rapidly changing retail marketplace and is well-positioned moving forward,” said Blake Thomas, vice president of Avison Young’s Raleigh office, in a prepared statement.
More than 122,000 people with an average household income of nearly $100,000 are within 5 miles of the shopping center. According to an Avison Young retail market report for the second quarter, the Chapel Hill/Orange County submarket includes 2.6 million square feet of retail space with a vacancy rate of 9.5 percent.
Thomas and Vice President Grant Linderman represented the seller in the transaction. Recently, the same team worked on behalf of Sun Life Assurance Co. of Canada in the disposition of a 223,118-square-foot office portfolio near Raleigh-Durham.
Images courtesy of Avison Young