JLL announces $15.2M sale of Ashley Plaza
The retail center is adjacent to Seymour Johnson Air Force Base in Goldsboro, N.C.
CHARLOTTE, N.C., September 12, 2019 – JLL announced today that it has closed the $15.2 million sale of Ashley Plaza, a 160,356-square-foot super regional retail center in the central North Carolina community of Goldsboro.
JLL marketed the property on behalf of the seller, RCG Ventures LLC. Medalist Diversified REIT Inc. purchased the asset.
Ashley Plaza is 98% occupied and anchored by Hobby Lobby, Planet Fitness, Ashley HomeStore and Harbor Freight Tools. The center is also home to several other regional and local tenants, including Shoe Show, Chuck E. Cheese and Smart Repair Center, and was renovated last year to modernize the look and feel of the asset. Situated on 15.49 acres at 201 North Berkeley Boulevard, Ashley Plaza is positioned in the main retail corridor in Goldsboro, which is about 54 miles east of Raleigh. It’s location at the corner of North Berkeley Boulevard and East Ash Street exposes the center to more than 34,000 vehicles per day, and the center has regional and limited retail competition within a 30-minute drive. Ashley Plaza is adjacent to Seymour Johnson Air Force Base, which is home to approximately 12,000 active-duty military members, their families and other supporting personnel.
The JLL Retail Capital Markets team representing the seller was led by Director Thomas Kolarczyk and Senior Managing Director Jim Hamilton.
“Ashley Plaza is a great example of retail reinvented in today’s evolving retail landscape,” Kolarczyk said. “RCG Ventures did a tremendous job repositioning this center with in-demand retailers on long-term leases. Medalist Diversified REIT Inc. will benefit from stable cash flow and adds an excellent asset to their growing portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About RCG Ventures LLC
RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. Visit rcgventures.com to learn more.
About Medalist Diversified REIT Inc.
Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the company website at medalistreit.com.