Freedom Town Heart, a single of Fayetteville’s most prominent shopping facilities, was not too long ago bought.
The Skibo Highway browsing heart, dwelling to stores this kind of as Sprouts Farmers Marketplace, Cost Furthermore Earth Sector, DSW Designer Shoe Warehouse and Dick’s Sporting Products, was sold in February for $72.5 million, in accordance to a information release from RealtyLink, the vendor of the assets.
The heart was acquired by Serota Attributes, a New York-centered industrial authentic estate developer.
Serota owns all-around 2.5 million sq. feet of professional true estate on Lengthy Island. Freedom City Heart is the firm’s initially property in the Southeast, but Joseph Scimone, CFO and trustee of the subsidiary organization that now owns the buying heart, said it’s the very first of what he anticipates will be a number of purchases the enterprise will make throughout the area as it seeks to diversify its portfolio.
The company is also in the approach of obtaining a greater procuring heart in Georgia, Scimone said.
“We’re a very long-phrase holder,” Scimone stated. “We are not about getting and shifting on.”
Scimone stated the enterprise was drawn to the Flexibility City Heart for a number of good reasons. Its measurement — close to 350,000 square ft, furthermore further place less than development that was not included in the Feb. 17 sale but would consider the complete measurement to around 400,000 square feet — is proper in the company’s “sweet place,” Scimone mentioned.
RealtyLink still owns a six-acre parcel with around 40,000 square ft of existing retail and restaurant room, as perfectly as about 16,000 to 18,000 square ft of house now underneath construction. Scimone said Serota would be open up to obtaining that property at a afterwards day.
The purchasing center’s age — it initial opened to the general public in September 2017— and the economic stability that Fort Bragg presents also performed a huge purpose.
“We believe that Fort Bragg is right here to remain,” Scimone said. “That is a excellent matter for Fayetteville and a superior thing for us, as new citizens of Fayetteville.”
For RealtyLink, the sale is the most significant in the background of the Greenville, South Carolina-based developer.
“Freedom City Center has been an amazing job to function on around the earlier six years. All of our companions have aided get us to this place and we are incredibly grateful,” RealtyLink founding principal and task leader Phil Wilson claimed in a statement. “Our group is very very pleased of this milestone transaction.”
The procuring heart initial opened at the corner of Skibo and Cliffdale roads in September 2017. The full 49-acre browsing heart price around $85 million to develop, the Observer noted at the time of its opening.
Jacob Pucci writes on food, eating places and enterprise. Get hold of him by e-mail at [email protected] or adhere to him on Twitter at @jacobpucci or on Fb. Like chatting food stuff? Join our Fayetteville Foodies Facebook team and sign up for our Fayetteville Foodies publication.