CenterSquare Buys North Carolina Shopping Center
L&B Realty Advisors sold the 105,785-square-foot property.
The Forum encompasses eight buildings on a 13.6 acre-site. Image courtesy of CenterSquare Investment Management
CenterSquare Investment Management has purchased The Forum, a 105,785-square-foot retail center in Wilmington, N.C. Nationwide Life and Annuity Insurance Co. provided a $22.4 million acquisition loan, according to public records.
L&B Realty Advisors sold the asset, according to CommercialEdge data. The company purchased the shopping center almost a decade ago from Swain & Associates for $24.6 million—AIG Insurance Co. provided a $20 million acquisition loan for that deal, the same source shows.
Completed in 1998, the retail center encompasses eight buildings on a 13.6 acre-site. The Forum was fully leased at the time of the sale. The tenant roster includes Dunkin’ Donuts, Wells Fargo, Jimmy John’s, Club Pilates, California Closets, UPS, Chop’t, Bento Box, Winestore, True Blue Butcher, Fleet Feet and Osteria Cicchetti.
The Forum is at 1125 Military Cutoff Road, in Wilmington’s Landfall-Mayfaire submarket. The asset is near Route 17, in an area where the daily traffic count reaches approximately 39,000 vehicles.
The acquisition of The Forum marks CenterSquare’s 15th service property purchase in the Southeast market and 37th nationwide.
According to CBRE’s 2023 Global Real Estate Capital Flows report, the cross-regional capital flow into North America totaled $11.8 billion in the first half of the year. Coming in second after the industrial and logistics sector, the retail sector attracted $3.6 billion.
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