Midland Atlantic Announces Acquisition of Pinecrest Pointe
Midland Atlantic continues growth through acquisitions
Raleigh, NC - Midland Atlantic Development has recently acquired Pinecrest Pointe, an 89,224 square foot retail center in Raleigh, NC.
Purchased from the Kerr Family Limited Partnership, the center, built in 1988, is situated on 11 acres on Leesville Road, south of Interstate 540, in northwest Raleigh. Midland Atlantic is planning extensive capital renovations to the center including replacement of the roof, upgraded lighting, facade improvements, enhanced landscaping, and parking lot upgrades.
The development, anchored by Food Lion, is currently 90% leased. Other anchor tenants include Fitness 19 and Carolina Dance. The center is well positioned in a dense, established and proven location. Pinecrest Pointe is surrounded by residential subdivisions and is in close proximity to a substantive area high school and growing trade area. Midland Atlantic is currently talking with a number of local and national retailers to fill the vacancies.
The property marks the sixth purchase for Midland Atlantic's Acquisitions division. "The patience and willingness of the Kerr Family to work with us to move the deal forward, was invaluable in finalizing this acquisition," said Dave Wik, Director of Acquisitions for Midland Atlantic. "Despite the challenging economy, Midland Atlantic, through careful planning and due diligence, remains committed to purchasing, well-located, value-added retail centers." The transaction was financed by Tri-State Capital Bank and brokered by Andrew Margulies of Marcus & Millichap.
Midland Atlantic's Acquisitions Division was formed in May 2007. This division is focusing on the purchase of grocery-anchored shopping centers in the Midwest, Mid-Atlantic and Southeast regions of the country. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset. "By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," said Wik.
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Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits.
Raleigh, NC - Midland Atlantic Development has recently acquired Pinecrest Pointe, an 89,224 square foot retail center in Raleigh, NC.
Purchased from the Kerr Family Limited Partnership, the center, built in 1988, is situated on 11 acres on Leesville Road, south of Interstate 540, in northwest Raleigh. Midland Atlantic is planning extensive capital renovations to the center including replacement of the roof, upgraded lighting, facade improvements, enhanced landscaping, and parking lot upgrades.
The development, anchored by Food Lion, is currently 90% leased. Other anchor tenants include Fitness 19 and Carolina Dance. The center is well positioned in a dense, established and proven location. Pinecrest Pointe is surrounded by residential subdivisions and is in close proximity to a substantive area high school and growing trade area. Midland Atlantic is currently talking with a number of local and national retailers to fill the vacancies.
The property marks the sixth purchase for Midland Atlantic's Acquisitions division. "The patience and willingness of the Kerr Family to work with us to move the deal forward, was invaluable in finalizing this acquisition," said Dave Wik, Director of Acquisitions for Midland Atlantic. "Despite the challenging economy, Midland Atlantic, through careful planning and due diligence, remains committed to purchasing, well-located, value-added retail centers." The transaction was financed by Tri-State Capital Bank and brokered by Andrew Margulies of Marcus & Millichap.
Midland Atlantic's Acquisitions Division was formed in May 2007. This division is focusing on the purchase of grocery-anchored shopping centers in the Midwest, Mid-Atlantic and Southeast regions of the country. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset. "By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," said Wik.
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Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits.
