A Raleigh commercial real estate developer has significantly expanded its presence in Winston-Salem by purchasing the Pavilions mall on Hanes Mall Boulevard for $17.84 million.
The 14.47 acre lot at 500 Hanes Mall Blvd. contains 127,588 square feet of retail space.
The buyer is NC-Winston Pavilions LLC, a subsidiary of Rivercrest Realty Investors.
The seller is RCP I LLC of Huntersville, a subsidiary of Glenwood Development LLC. The sale closed on Friday.
Pavilions’ main anchor is a 27,069 square foot Truliant Federal Credit Union training facility, complete with King’s Crab Shack, Chuck E. Cheese, Plato’s Closet, and Bad Daddy’s Burger Bar.
Other Forsyth County properties owned by Rivercrest are: Center Stage at Jonestown, 301 Jonestown Road, Winston-Salem (27,029 square feet); Hanes Commons in Winston-Salem (154,173 square feet); Oak Summit, 344 E. Hanes Mill Road, Winston-Salem (142,306 square feet).
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Rivercrest also owns the following commercial real estate properties in the Triad: Garrett Crossing, 1316 Mebane Oaks Road, Mebane (45,390 square feet); Kinderton Place, 258 NC 801 North, Bermuda Run (72,789 square feet); Lexington Mall, 160 Lowes Blvd., Lexington (16,789 square feet); Mocksville Town Commons, 261 Cooper Creek Drive, Mocksville (48,178 square feet).
The sale of the Pavilions shopping center is the latest major commercial real estate project in Forsyth.
In January, the 23.11-acre Silas Creek Crossing in Winston-Salem was sold in two lots to subsidiaries of DLC Management Corp. of Elmsford, NY.
The 209,120 square foot mall opened in 1989 across from the Hanes Mall. It is anchored by retail stores Burlington, JoAnn Fabrics and Marshalls.
Last October, the Whitaker Square Mall in Winston-Salem became the latest purchase in Peters Development LLC’s multi-year buying spree for Triad commercial retail space.
Peters paid $16.6 million for the 82,760 square foot mall at 1955 N. Peacehaven Road, which has Harris Teeter as a longtime anchor tenant.
Whitaker Square was at the time Peters’ biggest purchase by market value and square footage, said Dan Hill, the developer’s vice president and real estate director.
Bethany Medical announced plans in October to open its third medical facility in Whitaker Square.
In August 2021, the Old Town mall in Winston-Salem was sold for $5 million to affiliates of America’s Realty LLC. The shopping complex at 3802 Reynolda Road sits on 11.75 acres and contains 105,538 square feet.
In February 2021, Tanglewood Commons, a Clemmons mall anchored by Harris Teeter, was purchased for $15 million by a Toronto real estate investment trust.
The 78,520 square foot mall, which opened in 1997, includes a 46,120 square foot Harris Teeter. Other tenants include Villa Grill and Joe’s Take-Out restaurants, Subway, Great Clips, Papa John’s, Petsense, and a Novant Health women’s clinic.
The buyer is Suso 4 Tanglewood LP, a subsidiary of Slate Asset Management LP.