Marketfair Shopping Center at 1916 Skibo Road in Fayetteville, North Carolina — Courtesy: Progress Realty Partners
By Joshua Burd
An affiliate of Tinton Falls-based Progress Capital has added to its out-of-state portfolio, acquiring a 219,000-square-foot shopping center in North Carolina.
Progress Realty Partners, a private equity firm, announced Wednesday that it has closed on its purchase of Marketfair Shopping Center at 1916 Skibo Road in Fayetteville. The retail property, which it acquired from Westport Capital, is its first purchase in North Carolina.
“What attracted us to Marketfair Shopping Center is its extraordinary tenant mix and positioning in the Fayetteville sub-market,” said Adam Dickert, who oversees the firm’s acquisitions. “Marketfair represents exactly what today’s consumer is looking for when you talk about things like convenience, experience and value.”
Marketfair Shopping Center recently underwent a complete redevelopment and re-tenanting, highlighted by the mid-December grand opening of the grocery chain Lidl, according to a news release. The Germany-based operator joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theaters.
“This is a very exciting deal for us and our partners,” said Daniel Salonis, who oversees Progress Realty Partners’ operations. “To be able to own this property, in this market … it’s a great way to close out 2019.”
