Mack Real Estate Group and Soundwater Properties acquire grocery-anchored retail center in Raleigh submarket
JLL Capital Markets led the sales efforts for the 122,901-square-foot Maynard Crossing in Cary, North Carolina
CHARLOTTE, Jan. 30, 2024 – JLL Capital Markets announced today that it has completed the sale of Maynard Crossing, a 122,901-square-foot, grocery-anchored retail center located in Cary, North Carolina. A partnership between an affiliate of Mack Real Estate Group (MREG) and Soundwater Properties acquired the asset.
JLL represented the seller in the transaction.
Constructed in 1996, the 88-percent-occupied Maynard Crossing is anchored by Harris Teeter, which has over 14 years of remaining lease term and features a newly constructed fuel pad. The property offers a diverse collection of neighborhood service tenants, including Workout Anytime, Doctors Express, Riccobene Family Dentistry, Brigs Restaurant, Kathmandu Kitchen and All American Swim Supply.
Situated at the intersection of High House Road and NW Maynard Road, Maynard Crossing benefits from an excellent location within 10 miles of both Research Triangle Park and Raleigh-Durham International Airport. The five-mile radius around Maynard Crossing has a population of over 200,000 and an average household income of $140,358.
MREG and Soundwater Properties will pursue their grocery-anchored retail acquisition strategy in markets throughout the East coast. This acquisition continues MREG’s expansion in the Raleigh MSA. The company maintains local offices in Raleigh and is currently co-developing The Weld, a large mixed-use project facing Dorothea Dix Park, with SLI Capital.
The JLL Investment Sales and Advisory team representing the seller was led by Senior Director Tom Kolarczyk, Senior Managing Directors Danny Finkle and Jim Hamilton and Associate Steele Burkett.
“This transaction was the most sought-after, grocery-anchored asset I’ve worked on in my career. The combination of the value-add leasing opportunity, market strength, assumable financing and long-term Harris Teeter lease made for a remarkable process with national investor interest,” said Kolarczyk. “Congratulations to Soundwater Properties and Mack Real Estate Group on this acquisition!”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Soundwater Properties
Founded in 2022, Soundwater Properties (Soundwater) is a real estate operator focused on the acquisition, development, and operation of retail shopping centers throughout the East Coast of the United States. To date, Soundwater has acquired approximately $100M of retail assets totaling 400,000 square feet.
About Mack Real Estate Group
Mack Real Estate Group, LLC (MREG) is an institutional real estate investment firm with roots in several Mack family real estate businesses dating back to the 1960s. Today, MREG’s equity business specializes in the acquisition, development and management of multifamily and industrial properties located in high-growth markets. Its current and historic portfolio represent more than 7,000 multifamily units and approximately 5 million square feet of industrial space, including pre-development properties and those under construction. The firm’s affiliated credit business, Mack Real Estate Credit Strategies, L.P. (MRECS), has originated or co-originated more than $20 billion of loans since 2014 across multiple lending strategies. An MRECS affiliate manages one of the largest publicly traded commercial mortgage REITs, Claros Mortgage Trust, Inc. (NYSE: CMTG). MREG has offices in New York, Seattle, Phoenix, Miami and Raleigh. For more information, please visit mackregroup.com.