Westport Capital Sells Retail Center for $36M
The North Carolina property sold for nearly three times the price it commanded seven years ago.
Marketfair Shopping Center. Image via Google Street View
Westport Capital Partners has sold Marketfair Shopping Center, a 219,000-square-foot property in Fayetteville, N.C. Progress Realty Partners paid $36 million for the retail asset, according to public records. Morgan Stanley Bank provided $20 million in acquisition financing.
The deal marks the buyer’s first acquisition in the state. The property last traded in 2012, when Westport acquired it from Capmark Finance for $13.3 million.
Located at 1916 Skibo Road, Marketfair Shopping Center recently underwent a capital improvement program. Built in 1986 and extended with an additional phase in 2015, the complex is home to national retailers such as Gander Outdoors, Planet Fitness and AMC Theaters. Last December, a new Lidl store opened at the location. The discount retailer plans to develop a 925,000-square-foot distribution center in Covington, Ga., set to become the grocer’s fourth in the U.S.
Marketfair Shopping Center is situated in the city’s retail epicenter, with multiple other shopping destinations available within a 2-mile radius. Several hotels and residential communities are also situated within walking distance.
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