Progress Realty Partners has acquired Fayetteville, North Carolina-based Marketfair Shopping Center from Westport Capital. The purchase price was $36 million.
TINTON FALLS, N.J., Jan. 16, 2020 /PRNewswire/ — Progress Realty Partners (PRP), a New Jersey-based private equity firm specializing in acquiring well-positioned commercial real estate throughout the country, has successfully acquired a 219,000 SF, Class A shopping center from Westport Capital, a national REIT with offices in Connecticut and California.
Marketfair Shopping Center, located at 1916 Skibo Road in Fayetteville, NC, represents PRP’s first acquisition in North Carolina.
“What attracted us to Marketfair Shopping Center is its extraordinary tenant mix and positioning in the Fayetteville sub-market,” said Adam Dickert, who oversees the firm’s acquisitions. “Marketfair represents exactly what today’s consumer is looking for when you talk about things like convenience, experience and value.”
The property recently underwent a complete redevelopment and re-tenanting, highlighted by the mid-December grand opening of Lidl, a German-based grocery store. Lidl joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theaters.
“This is a very exciting deal for us and our partners,” explained Daniel Salonis, who oversees the firm’s operations. “To be able to own this property, in this market … it’s a great way to close out 2019.”
Progress Realty Partners specializes in the acquisition and management of commercial real estate properties nationwide. PRP provides accredited investors, family offices and funds superior commercial real estate investment options in institutional-quality properties. PRP and its affiliates have closed over $40 Billion in CRE acquisition, debt and equity transactions serving a wide array of real estate professionals.
For more information visit www.prp.us