A well-known Apex shopping center has been sold to a Florida real estate investment trust.

Beaver Creek Crossing, which was built in 2005 and sits on more than 51 acres, sold for $70.5 million, according to Wake County property records.

An LLC affiliated with Charlotte’s Collett Capital sold it to CTO21 Apex LLC, an affiliate of Florida’s CTO Realty Growth, Inc (NYSE: CTO).

The sale included four undeveloped outparcels.

Located at 1479 Beaver Creek Commons Drive in Apex, Beaver Creek Crossing tenants include Dick’s Sporting Goods, Regal Cinemas, and TJ-Maxx.

The site is located near the Western Wake Freeway along I-540. It’s currently 97 percent occupied, and demographics in the surrounding three miles shows an average household income of close to $115,000.

CTO Realty is a publicly traded real estate investment trust, and also owns an approximate 16 percent interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

The property was purchased through a 1031 like-kind exchange using $66.7 million of restricted cash from previous sales, available cash, and draws from the CTO Realty’s unsecured revolving credit facility, a press release stated.

Collett Capital acquired the land in 2019 for $52.75 million, according to Wake County property records.

It’s CTO Realty’s only North Carolina holding, and rounds its portfolio out to 20 assets.

“Raleigh has experienced explosive growth in recent years as it benefits from unprecedented corporate investment, an abundance of well-performing technology and life science companies, a high quality of life, and a highly educated workforce,” John P. Albright, president and CEO of CTO Realty Growth, said. “Coupled with these market dynamics, the property’s strong tenant lineup, centralized location in one of the area’s most trafficked retail corridors, and future outparcel development upside makes Beaver Creek Crossings a high-quality addition to our growing portfolio.”

Both Collett Capital and CTO Realty did not respond to requests for comment on the deal.

By   –  Staff Writer, Triangle Business Journal
Full Article: Triangle Business Journal