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These shopping centers are for sale in Fayetteville. What does that mean for the market?

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8 months ago

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These shopping centers are for sale in Fayetteville. What does that mean for the market?

Cumberland County’s commercial real estate market may see upcoming changes as investors eye local shopping centers currently listed for sale for their diverse retail offerings and strategic locations.

There are four centers for sale, priced between $2.5 and $14.5 million, with three fully leased by tenants, according to LoopNet.com, an online commercial real estate marketplace.

Susan Evans, a commercial real estate broker with Grant Murray Real Estate in Fayetteville, said that cap and interest rates are two of the most important factors investors look at when purchasing a shopping center in any location.  Evans said that a cap rate is the rate of return on money.

“Every investor has a different temperament like a homeowner,” Evans said Monday. “One homeowner can afford one type of house and others can afford others. The same is true with commercial investors. They have a certain amount of money they can invest and they expect a certain rate of return.”

She said that with most purchases, tenant leases transfer to the new owner and that a good cap rate is necessary for investors to make a profit.

“Active markets are a good thing … we’re not in a depressed market at all,” Evans said.

Neil Grant, one of the owners of Grant Murray Real Estate, said that, in general, a shopping center being up for sale is not necessarily an indication of whether the business is profitable. He said that Fayetteville has favorable conditions for investment and development.

“There’s always action in Fayetteville; we have a growing economy,” Grant said. “We’re not a high-end town, but we get good stores and people in town get good business, so people are always looking for space.”

Cumberland County shopping centers for sale

These are the available shopping centers listed for sale on LoopNet as of Tuesday.

  • 195 Star Point Drive in Fayetteville: Situated near the intersection of Santa Fe Drive and Reilly Road, this six-unit complex has 10,800 square feet of retail space on 1.22 acres of land for $2.5 million. According to its LoopNet listing, this shopping center, built in 2000, is 100% leased, has 57 parking spaces and is an 18-minute drive from Fayetteville Regional Airport. Tenants include Thai Pepper and Jamaican Vibez.
  • 5044-5052 Yadkin Road in Fayetteville: Located near the intersection of Lake Valley Drive and Yadkin Road, this three-building center has 23,261 square feet of retail space for $3.1 million. According to its LoopNet listing, this shopping center, built in 1975, is 96% leased, has 110 parking spaces and is close to Fort Liberty. Tenants include Mr. K Authentic Chinese and Grilled Ginger.
  • 6101 Yadkin Road in Fayetteville: Situated near the intersection of Horseshoe and Yadkin roads, this seven-building complex with 48,180 square feet of retail space has 18 rental units for $7.5 million. According to its LoopNet listing, this shopping center, built in 1973, is 100% leased, has 40 parking spaces and is close to Cross Creek Mall. Tenants include Carolina Grooming and The Hobbit Games.
  • 7701-7713 South Raeford Road in Fayetteville: Located near the intersection of Gillis Hill and South Raeford roads, this strip mall is anchored by Walmart and has 226,233 square feet of retail space for $14.5 million. According to its LoopNet listing, this shopping center, built in 2002, is 100% leased, has 1,315 parking spaces and features tenants like Dollar Tree, Rue 21 and Shoe Show.

Reporter Lizmary Evans covers growth and development for The Fayetteville Observer. You can reach her at LEvans@gannett.com.

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