Investors, including longtime Wilmington firms, bought a Military Cutoff Road shopping center this week for $30.75 million.
CC Landfall LLC, consisting of a partnership between Cameron Management, Trask Land Co., SHP Acquisitions and Charlotte-based Collett Capital, purchased Landfall Center from a Kenan family trust, according to a news release.
The Food Lion-anchored shopping center at 1319 Military Cutoff Road includes a variety of businesses, from local favorites such as Lovey's Market to bigger stores like Havertys Furniture and Dollar Tree. Built in the 1980s, decades before Mayfaire Town Center's first store began welcoming shoppers, Landfall Center sits on about 17 acres.
The Kenan trust was represented by brokers Blake Thomas and John Linderman Jr. at the Raleigh office of commercial real estate company Avison Young, the release stated.
Thomas said in the release, "Having owned the property for nearly three decades, the sellers did an amazing job maintaining and developing portions of the center to the highest standards. It has been kept well-occupied throughout the years, with many tenants that became longstanding, productive fixtures in the community."
He said the center garnered "an extraordinary level of interest from a wide variety of investors. Given their track record and connections to the local community, we are confident that we found the right custodians to shepherd this asset to meet the needs of the community for many years to come.”
The purchase of Landfall Center isn't the first joint venture for Cameron Management, SHP Acquisitions and Trask Land Co. They also partnered to acquire, lease back and develop a major expansion for the Mayfaire-area headquarters of banking software firm nCino, the release stated.
According to the release, Landfall Center is the 12th North Carolina property for Collett Capital, a real estate private equity firm with over
$500 million in assets under management and properties across the Southeastern and Southwestern markets.
Raiford Trask III, president of Trask Land Co., said in a statement announcing the purchase, “We are very happy to be a part of the next chapter of Landfall Center and we appreciate the confidence of the Kenan family, who were great trustees of the center for so many years. We enjoyed working with them and Avison Young in this process.”
Leasing for Landfall Center will be done by Cameron Management and Trask Land Co.
CC Landfall officials didn't mention specific changes they plan for the center in the immediate future, but said in the release, "Landfall Center has been a major influence in Wilmington’s business development towards Wrightsville Beach; the new owners are excited to continue that legacy and are committed to enriching it further."
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