JLL closes sale of Greensboro retail center
The super-regional power center is nearly fully leased
CHARLOTTE, January 8, 2020 – JLL Capital Markets announced today that it has closed the sale of Wendover Commons, a 151,016-square-foot, 98%-leased, super-regional power center in Greensboro, North Carolina.
JLL marketed the property on behalf of the seller, Hammerford Development Co. CRS Realty purchased the asset.
Situated on approximately 20 acres at 4526 West Wendover Avenue, Wendover Commons is in the western part of Greensboro between Interstates 73 and 40 along West Wendover Avenue, which is the main retail node in the area and exposes the property to over 30,000 vehicles per day. More than 138,000 residents earning an average annual household income of $82,811 live within a five-mile radius of the property. Constructed between 2017 and 2018, Wendover Commons is home to a mix of national and regional restaurants, merchandise and service retailers, including Academy Sports, Haverty’s Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, along with medical tenants.
The JLL Capital Markets team that represented the seller was led by Directors Thomas Kolarczyk and Ryan Eklund as well as Senior Managing Director Travis Anderson and Senior Director Cory Fowler. The project leasing was spearheaded by Moseley Real Estate Advisors.
“Wendover Commons is an outstanding retail development with exceptional fundamentals and highly productive retailers, spanning value merchandise, services and restaurants,” Kolarczyk said. “Hammerford Development did a tremendous job cultivating a vibrant tenant lineup that serves the community. CRS Realty will benefit from stable cash flow, and the property 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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hammerford Development
Hammerford Development is a commercial real estate firm focused on developing high quality real estate assets across the U.S. and Canada.
About Azad Commercial Realty Services, LLC (dba CRS Realty)
CRS Realty Specializes in large, Class A and B multi-anchor regional power center investments and management. It currently owns and manages about 2.5 million square feet NRA in the Southern and Southeastern United States.