JLL Capital Markets announced today that it has closed the $34.85 million sale of Wegmans, West Cary, a 103,000-square-foot, single-tenant retail property that anchors Twin Lakes Center, a walkable, mixed-use project in Cary, North Carolina.
JLL marketed the property on behalf of the seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance. San Diego-based Realty Income Corporation (Realty Income, NYSE: O) purchased the asset.
Leyland began development of Twin Lakes Center in 2018, and Wegmans completed construction of its building earlier this year. Wegmans, West Cary is the second Wegmans location to open in the Carolinas. Wegmans is a family-owned regional supermarket headquartered in Rochester, New York, with 102 stores spanning from New England to the Mid-Atlantic. In addition to Wegmans, the 35-acre Twin Lakes Center has an additional 25,000 square feet of retail and medical office space, as well as approximately 400 multi-family units under development.
Situated on 11.4 acres at 3710 Davis Dr., Wegmans, West Cary is in the heart of one of the most affluent zip codes in the Raleigh-Durham MSA. There are nearly 66,000 residents with an average household income of approximately $135,000 living within a three-mile radius. Additionally, Cary is the second-fastest growing town in the state.
The JLL Retail Capital Markets team representing the seller was led by Senior Director Tom Kolarczyk, Director Ryan Eklund and Senior Managing Director Chris Angelone.
“The Twin Lakes development is an exceptionally well-conceived, Class A development,” Kolarczyk said. “The sale of the Wegmans ground lease showcased the high demand for core, credit and long-term triple-net-leased assets. The reception was overwhelming, and we are thrilled with the outcome for both LeylandAlliance and Realty Income.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
LeylandAlliance has earned a national reputation in the development of mixed-use neighborhoods based upon the principles of New Urbanism. Led by highly experienced professionals who have worked together for more than 30 years, our experience with both residential and commercial development, including redevelopment and significant historic preservation projects, has provided ideal training for the task at hand – the creation of new traditional neighborhoods within some of America’s most desirable communities.
About Realty Income
Realty Income, The Monthly Dividend Company®, is an S&P 500 company dedicated to providing stockholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,500 real estate properties owned under long-term lease agreements with commercial tenants. To date, the company has declared 602 consecutive common stock monthly dividends throughout its 51-year operating history and increased the dividend 107 times since Realty Income’s public listing in 1994 (NYSE: O). The company is a member of the S&P 500 Dividend Aristocrats® index. Additional information about the company can be obtained from the corporate website at realtyincome.com.