GBT Realty closes on $5 million center
Fayetteville, N.C. — GBT Realty Corporation announced that it has closed on The Shoppes of Fayetteville, a 15-acre site, located in Fayetteville, North Carolina, for $5 million. The 126,500-sq.-ft. center is in the midst of a $25 million redevelopment scheduled to be completed in summer 2016.
The Shoppes of Fayetteville is anchored by a 63,000 sq. ft. Academy Sports + Outdoors and a 50,000 sq. ft. Burlington Coat Factory – both first-to-market stores. It also features local and regional shops, services and restaurants.
The center is located in a primary retail corridor of Fayetteville, which serves as the regional hub for shops, restaurants, services, lodging, health care and entertainment. Boasting the second highest per capita income in the state, the city is a draw for employees of nearby Fort Bragg and Pope Air Base, which collectively contribute approximately $4.5 billion annually to the region’s economy.
Ross Dress for Less expands in Colorado
Ross Dress for Less is expanding its store base in Colorado. The specialty apparel retailer will open a new store in Fort Collins, Colorado on Oct. 10.
The 25,000-sq.-ft. relocation is in the newly renovated Renaissance on the Front Range development (previously Foothills Mall). The opening is part of the retailer’s 2015 expansion program, totaling approximately 70 new locations during the year.
Together, Ross Dress for Less and dd’s Discounts currently operate more than 1,400 off-price apparel and home fashion stores in 33 states, Washington, D.C., and Guam.
Transwestern sells Alabama center for $18.5 million
Transwestern's Southeast Investment Services Group representedKentucky-based Langley Properties Co. in the disposition of Pelican Place at Craft Farms for$18.5 million.Atlanta-based RCG Ventures acquired the 229,911-sq.-ft. shopping center located inGulf Shores, Alabama.
Transwestern VPFred Victorrepresented the seller in the transaction. RCG was represented in-house byScott Tarbet, VP of acquisitions.
Built in 2005, Pelican Place at Craft Farms is anchored by Bed Bath & Beyond, Cobb Theatres and Books-A-Million and shadow-anchored by Target and Publix.