A West Coast investor has scooped up a retail property in Garner with tenants including a Starbucks and a pizza shop.
Last Friday, Raleigh-based Vanguard Property Group sold a retail parcel at 4203 Fayetteville Road for just under $5 million. The seller is an LLC which shares an address with Los Angeles business and financial management firm Gelfand, Rennert & Feldman.
The sale comes less than two years after the property opened. The site is situated on 1.7 acres northwest of downtown Garner by the North South Station shopping center and other retail plazas.
Tenants at 4203 Fayetteville Road include a Starbucks (Nasdaq: SBUX), an AT&T location, a Chipotle and a Marco’s Pizza, according to the companies’ websites.
Built in 2019, the property features 7,399 square feet of retail space. Vanguard Property Group bought the undeveloped land for $1.1 million that same year.
The sale is the latest in the region as investors continue buying up retail properties despite the ongoing challenges posed by the pandemic.
Last month, Maryland-based Federal Realty Investment Trust (NYSE: FRT) sold the Eastgate Crossing shopping center in Chapel Hill to Indiana-based Kite Realty Group, which owns multiple shopping centers in the Triangle. The deal closed in December, according to Federal Realty, although the deed is dated Jan. 7, according to Orange County records.
Meanwhile in Fuquay-Varina, Cary-based High House Capital paid $5.4 million for a retail center at 718 N. Main St. and featuring around 50,000 square feet of space in a growing part of town. The seller is Richmond, Virginia-based Hackney Real Estate Partners, which bought the property in 2008 for $3.3 million.
