North Carolina superregional retail center sells for $20.7M

CHARLOTTE, July 28, 2022 – JLL Capital Markets announced today that it has closed the $20.7 million sale of Valley Crossing, a 191,431-square-foot, highly trafficked, superregional retail center located in Hickory, North Carolina.

JLL represented the seller, a public REIT. One Oak Investments, LLC, a privately held corporation, was the buyer.

Built in 1988, the 98.2-pecent-leased Valley Crossing features six anchor tenants, including Academy Sports + Outdoors, Ollie's Bargain Outlet, JOANN Fabrics and Craft, Harbor Freight Tools, Dollar Tree and American Freight Furniture. According to Placer Ai, Valley Crossing sees 2.5 million visits per year, and the Academy Sports + Outdoors location is the most visited location in North Carolina.

Situated at 2154 US Highway 70 SE, Valley Crossing is in the middle of the largest super-regional trade area in the Hickory MSA, which is anchored by the 863,000-square-foot Valley Hills Mall. The trade area draws customers from more than 15 miles, providing easy access to the region from the highly traveled I-40, US-70 and NC-321. The center’s location along US-70 provides visibility to approximately 20,400 vehicles per day. The property also offers three total access points, one of which is signalized.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Director Tom Kolarczyk and Senior Managing Director Brad Peterson.

“Valley Crossing is a wonderful value-oriented shopping center that has maintained its high occupancy and sale performance throughout ownership,” said Kolarczyk. “This is the destination shopping corridor for Catawba County. This center’s location advantage combined with a diversified tenant lineup, offering sporting goods, apparel, furniture, services, and restaurants, made this a desirable investment sale offering.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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