A Castle Hayne property leased by Tractor Supply Co. recently changed hands for close to $7 million.

The purchase included the nearly 22,000-square-foot store and the surrounding 11.5 acres at 3400 Castle Hayne Road. According to a news release, the buyer is a Georgia-based private investor who used the purchase to complete “the second leg of a 1031 exchange,” a process that allows investors to defer capital gains taxes by reinvesting proceeds from an investment property sale into another qualifying property.

Deed records show the investor, Robdale Inc., purchased the property in late August for $6.98 million. The entity is registered to Stephen Giles and lists A. Randolph Barksdale as its CEO. Pierce Mayson with Matthews REIS represented the buyer in the transaction, according to the release.

Tractor Supply, which opened the Castle Hayne store last fall, had 14 years of base term remaining on a corporate-guaranteed lease at the time of the sale, the release stated.

Castle Hayne Development Group LLC, a Pinehurst-based entity, was the property’s seller. Property records show the limited liability corporation bought the property in 2023 for $550,000. 

Calvin Short, an executive vice president and managing principal with SRS Capital Markets, represented the seller.

“This asset provided the buyer with high-quality, new construction and a stable income stream backed by Tractor Supply, an investment-grade credit tenant,” Short stated in the release.

The release notes the property is located directly across Castle Hayne Road from Moore’s Crossing, a proposed 27-acre development that’s set to include a grocery store, along with residential and retail space.