WNC Shopping Center Changes Hands for $33M

EDENS has sold the Whole Foods-anchored, 130,000-square-foot Asheville Market, located in Western North Carolina's largest city.

Asheville Market in North Carolina
Asheville Market in North Carolina

Zapolski Real Estate has purchased a 129,851-square-foot shopping center in Asheville, N.C., from EDENS. The Whole Foods-anchored Asheville Market traded for $33 million. NorthMarq Capital arranged the acquisition financing for the buyer through Citigroup Global Markets.

Asheville, the largest city in Western North Carolina, is situated in close proximity to Nantahala and Cherokee national forests. The retail site at 4 S. Tunnel Road, located on the southeastern outskirts of the city, is exposed to up to 21,000 vehicles per day.

Asheville Market was built in 1980 as a “Big K” Kmart. Whole Foods took over in 2014 as part of the center’s restructuring. Other tenants at the property include DSW, Guitar Center, HobbyTown, Chicken Salad Chick, Neo Burrito, Duncan & York and Green4Life.

Alex Quarrier, partner at Berkeley Capital Advisors, facilitated the transaction on behalf of the seller, while NorthMarq’s financing team included Vice President David Vinson and Senior Vice President Todd Crouse.

Image via Google Street View