JLL Capital Markets arranged the sale of the 75,927-square-foot Wakefield Crossing in Raleigh, North Carolina
News release
28 February 2023
Raleigh community retail center with grocery anchor trades
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CHARLOTTE, Feb. 28, 2023 – JLL Capital Markets announced today that it has closed the sale of Wakefield Crossing, a 75,927-square-foot, grocery-anchored community retail center in Raleigh, North Carolina.
JLL represented the seller, and Wakefield Wellons, LLC acquired the asset.
Constructed in 2001, the 95-percent-occupied Wakefield Crossing is anchored by a Food Lion, which has operated at this location since 2001 and represents 50% of the total GLA. Additional tenants include Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. The center receives approximately 791,000 visits annually.
Wakefield Crossing is located at 13200 Falls of Neuse Rd. in a main retail corridor within the Raleigh submarket of Wake Forest. It benefits from high traffic counts with 19,500 vehicles per day passing along Falls of Neuse Road per day. The property is positioned within 30 miles of the area’s top demand drivers, including Research Triangle Park, University of North Carolina Chapel Hill, Duke University, NC State University and Raleigh-Durham International Airport.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Director Tom Kolarczyk.
“Demand for grocery-anchored shopping centers continues to outpace supply,” said Kolarczyk. “Wakefield Crossing was no exception as we received double-digit offers in a condensed marketing timeline. The buyer is adding a wonderful asset to their portfolio and should benefit from the robust growth in Raleigh and Wake Forest.”
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 and sales 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
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.