CHARLOTTE, Jan. 30, 2024 - JLL Capital Markets announced today that it has completed the sale of Maynard Crossing, a 122,901-square-foot, grocery-anchored retail center located in Cary, North Carolina. A partnership between an affiliate of Mack Real Estate Group (MREG) and Soundwater Properties acquired the asset.
JLL represented the seller in the transaction.
Constructed in 1996, the 88-percent-occupied Maynard Crossing is anchored by Harris Teeter, which has over 14 years of remaining lease term and features a newly constructed fuel pad. The property offers a diverse collection of neighborhood service tenants, including Workout Anytime, Doctors Express, Riccobene Family Dentistry, Brigs Restaurant, Kathmandu Kitchen and All American Swim Supply.
Situated at the intersection of High House Road and NW Maynard Road, Maynard Crossing benefits from an excellent location within 10 miles of both Research Triangle Park and Raleigh-Durham International Airport. The five-mile radius around Maynard Crossing has a population of over 200,000 and an average household income of $140,358.
MREG and Soundwater Properties will pursue their grocery-anchored retail acquisition strategy in markets throughout the East coast. This acquisition continues MREG's expansion in the Raleigh MSA. The company maintains local offices in Raleigh and is currently co-developing The Weld, a large mixed-use project facing Dorothea Dix Park, with SLI Capital.
The JLL Investment Sales and Advisory team representing the seller was led by Senior Director Tom Kolarczyk, Senior Managing Directors Danny Finkle and Jim Hamilton and Associate Steele Burkett.
"This transaction was the most sought-after, grocery-anchored asset I've worked on in my career. The combination of the value-add leasing opportunity, market strength, assumable financing and long-term Harris Teeter lease made for a remarkable process with national investor interest," said Kolarczyk. "Congratulations to Soundwater Properties and Mack Real Estate Group on this acquisition!"
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 30 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2024 16:15:33 UTC.
