Cleeman Realty Group announced the successful sale of Asheboro Center in Asheboro, NC. The 45,688-square-foot, grocery-anchored retail center sits on 4.09 acres off of Highway I74-73 with access on W Dixie Drive.
Jacob Baruch and David Kaufman represented both the seller and the buyer from LOI execution to closing in 30 days; in the $3,650,000 off-market, all cash, transaction.
“The seller was looking to divest and relocate their capital into other opportunities,” said Kaufman and Baruch. “The buyer was attracted to the opportunity to acquire a necessity based retail shopping center in a growing market. Having a newly renovated grocer anchor with a healthy rent to sales ratio, as well as the upside potential in leasing up the vacant space, made this asset a desirable acquisition.”
At the time of the closing, Asheboro Center was 97 percent occupied. The center is anchored by a Lowes Foods and several regional shops.