PAC Sells Raleigh Shopping Center
JLL Capital Markets brokered the transaction.
Wakefield Crossing. Image courtesy of JLL Capital Markets
Granite Canyon Partners has purchased Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh, N.C., for $14.3 million. JLL Capital Markets brokered the transaction on behalf of the seller. Preferred Apartment Communities sold the grocery-anchored shopping center, according to CommercialEdge data. The property last traded for $12.1 million, sold by Hackney Real Estate Partners back in 2020.
Food Lion and Tuesday Morning anchor the 2001-completed center. Other tenants include Subway, Wakefield Tavern, Wake Health Medical Group and Dante’s Italiano. At the time of the sale, the center was 95 percent occupied.
Wakefield Crossing is located in Raleigh’s Wake Forest submarket, at 13200 Falls of Neuse Road. The center occupies 9.9 acres. According to JLL, the property sits in an area with a daily traffic count of approximately 19,500 vehicles and annual customer visits close to 800,000.
Senior Director Tom Kolarczyk led the JLL Capital Markets Investment Sales and Advisory team. Kolarczyk, along with Senior Managing Director Danny Finkle, also recently represented Columbia Development Group and Luber Adler in selling a 59,516-square-foot shopping center in New Bern, N.C.
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