HFF announces the $7.4 million leasehold sale of a two-tenant shopping center totaling 24,656 square feet and anchored by a high-volume, urban-format Target store adjacent to North Carolina State University’s Campus in Raleigh, North Carolina.
The HFF team represented the seller, LODEN Properties. Stockbridge purchased the asset.
The urban-format Target stores aim to create a simplified Target experience through a smaller-format store designed to accommodate residents living in dense, urban areas. The two-story subject property was renovated in 2017 and features 22,211 square feet of Target space, which includes a CVS Pharmacy, and 2,445 of ground-floor space occupied by Guasaca, a healthy, fast-casual Venezuelan restaurant. Additionally, the property has 50 designated covered parking spaces.
Situated on .52 acres at 2512 Hillsborough Street, the property houses the only Target within a four-mile radius. The retail center is located between North Carolina’s largest university, NC State University, which has an enrollment of 34,000 students in addition to more than 9,000 faculty and staff members, and a densely populated residential area. There are also approximately 105,860 residents earning an average annual household income of more than $88,000 living within a three-mile radius.
The HFF investment advisory team representing the seller included director Tom Kolarczyk, managing director Justin Good and associate Warren Johnson.
“This is a generational-quality investment, and we are thrilled to have been a part of this transaction,” Kolarczyk said. “Loden Properties did an exceptional job converting the bowling alley into this urban-format Target store while honoring the history of the asset (if you walk the store, you’ll see what I mean!). We’re equally as excited for Stockbridge as the new owner, and know they’ll watch this new concept flourish in this location.”
About LODEN Properties
LODEN Properties is a Raleigh-based urban development company that specializes in creating places that draw from the unique characteristics and needs of the community. From its partnerships to its properties, LODEN strives to build locally-focused urban projects that attract people to create, work, shop, eat and enjoy. Visit https://www.lodenproperties.com for more information.
About Stockbridge
Stockbridge is a real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $13.1 billion of assets under management (as of September 30, 2018) spanning all major real estate property types, and certain specialty property types, throughout the United States. To learn more, visit http://stockbridge.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
