RICHMOND, Va., July 7, 2015 (GLOBE NEWSWIRE) -- Capital Square Realty Advisors, LLC announced today it has acquired three shopping centers anchored by Food Lion, a leading Southeastern and Mid-Atlantic supermarket retailer, in North Carolina and South Carolina.
"Each of these retail centers is located in a growing market with a population that has strong recognition of the Food Lion brand," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. "The supermarket retailer leases the anchor space of each property through long-term, triple net leases. We are thrilled to add strong retail properties like these to our growing real estate portfolio."
The portfolio, approximately 98 percent leased at the time of acquisition, includes:
- West Point Village, a 48,246-square-foot shopping center located at 433 North Carolina Highway 49 South in Asheboro, N.C.;
- College Lakes, a 43,041-square-foot shopping center located at 929 McArthur Road in Fayetteville, N.C.; and
- Kris Krossing, a 49,800-square-foot shopping center located at 3320 4th Ave. in Conway, S.C.
Based in Salisbury, N.C., and founded in 1957, Food Lion operates more than 1,100 grocery stores in 10 Southeastern and Mid-Atlantic states. The company is owned by Delhaize America, the U.S. division of Delhaize Group (NYSE:DEG), an international company with an S&P rating of BBB-/A-3. Food Lion is the largest subsidiary of Delhaize Group.
Founded in 1867, Delhaize Group is a food retailer headquartered in Brussels, Belgium. The principal activity of the organization is the operation of food supermarkets in 11 countries in North America, Europe and Southeast Asia. Delhaize Group announced in January 2015 that its U.S. revenues rose 6.6 percent during 2014, equal to approximately $1.1 billion.
Capital Square was represented in the acquisition by Tim Marshall of TM1031 Exchange Inc.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.