Tuesday, May 17, 2011

HFF closes $24.7 million sale of North Raleigh shopping center

ATLANTA, GA –HFF announced today that it has closed the sale of Wakefield Commons (top left photo), a 160,949-square-foot, grocery-anchored shopping center in North Raleigh, North Carolina.  

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.  The property was purchased for $24.7 million and the buyer assumed an existing CMBS loan on the property. 

This is HFF’s third grocery-anchored sales transaction with JP Morgan in 2011 totaling $61.7 million in sales.  The other two properties sold are: Westpark Shopping Center in Richmond, Virginia and The Village Shoppes of Flowery Branch in Atlanta, Georgia.

Wakefield Commons is located at 14460 New Falls of Neuse Road at the Capital Boulevard (U.S. 1) and New Falls of Neuse Road interchange in North Raleigh. 

Originally built in 2000 and renovated in 2005, the property is 86 percent leased to tenants including Kroger, Marquee Cinemas, and Starbucks.

The HFF team representing the seller was led by directors Richard Reid (middle right photo)  and Jim Hamilton (bottom left photo).

Richard M. Reid, HFF Director, (404) 942-2209, rreid@hfflp.com
Jim R. Hamilton, HFF Director, (404) 942-2212,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

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