A Raleigh real estate investment firm paid $6 million for its first acquisition in the Triad market.
CityPlat Commercial Real Estate bought the 97,000-square-foot retail center anchored by Ollie’s Bargain Outlet on 6.5 acres at 2125 N. Church St. in east Burlington from David Morton, owner of Dave’s Discount Furniture and a partner in Holly Mill Mall & Business Center.
CityPlat Partner Vincenzo Verdino said he doesn’t expect to make any major changes in the near future at the property.
Verdino said he’s interested in making more Triad acquisitions, citing the region’s real estate prices and cap rates. Verdino said most of CityPlat’s holdings are in the Triangle.
“We are looking at other properties (in the Triad),” he told Triad Business Journal. “There’s still a really good value for real estate in the Triad, compared to in the Triangle.”
Dollar General, CLS Plasma, Aaron’s and Discount Furniture Superstore are a few of the other tenants at the strip center, which is near a Walmart SuperCenter.
Morton, whose family owns multiple properties in Burlington, said that as many as 10 potential buyers expressed interest in the center. Built in 1965, the property was purchased by Morton in 1994 for $700,000.
“It’s a better time to sell than to buy probably,” he said. “There’s nothing out there to buy.”