Progress Realty Partners acquires N.C.-based shopping center for $36M

Progress Realty Partners, a Tinton Falls-based private equity firm, announced on Thursday it has acquired a Class A shopping center in North Carolina for $36 million.

The 219,000-square-foot Marketfair Shopping Center, located at 1916 Skibo Road in Fayetteville, was acquired from Westport Capital, a REIT with offices in Connecticut and California.

This is PRP’s first acquisition in North Carolina, it said.

“What attracted us to Marketfair Shopping Center is its extraordinary tenant mix and positioning in the Fayetteville sub-market,” Adam Dickert, who oversees the firm’s acquisitions, said. “Marketfair represents exactly what today’s consumer is looking for when you talk about things like convenience, experience and value.”

The property recently underwent a redevelopment and has a new tenant, Lidl, a German-based grocery store, as well as a Planet Fitness, Gander Outdoors and AMC Theaters.

“This is a very exciting deal for us and our partners,” Daniel Salonis, who oversees the firm’s operations, said. “To be able to own this property, in this market … it’s a great way to close out 2019.”