JV Acquires Raleigh-Area Power Center for $53M
Collett Capital and Long Warf Capital purchased the 321,000-square-foot retail asset. HFF arranged acquisition financing on behalf of the borrower, which plans to upgrade the property.
Beaver Creek Crossing. Image via Google Street View
Collett Capital and Long Warf Capital have partnered again to the purchase Beaver Creek Crossing, a 321,000-square-foot power center in Apex, N.C. According to Wake County records, the joint venture paid $52.8 million for the retail property.
Working of behalf of the borrower, HFF arranged $37.5 million in acquisition and renovation financing. Senior Managing Director Travis Anderson and Senior Director Cory Fowler placed the five-year, floating-rate loan with MetLife, public records show.
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The retail center spans across 52 acres at 1479 Beaver Creek Commons Drive, near U.S. highways 64 and 540. Downtown Raleigh is 17.5 miles east, while Raleigh-Durham International Airport is 15 miles northeast from the property.
Built in 2005, Beaver Creek Crossing is currently 96 percent occupied by national and regional tenants, including T.J. Maxx/HomeGoods, Regal Beaver Creek, Dick’s Sporting Goods, Old Navy, Five Below and Ulta Beauty. The center is an important retail hub for the surrounding communities, serving more than 109,000 residents living within a 5-mile radius, with an average annual household income of $132,000 living.
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