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Archived News

FOR IMMEDIATE RELEASE
April 27 , 2006

Faison Announces the Sale of Aberdeen Commons

Aberdeen Commons, Aberdeen, NC

Charlotte, NC —April 27, 2006— Faison is pleased to announce the sale of Aberdeen Commons Shopping Center, to Aberdeen Commons, LLC, a Pinehurst, NC investor. The sale closed on April 17, 2006 with the price set at $21.6 million. David Lampke, Faison’s Managing Director of Acquisitions and Dispositions, represented the seller.

Aberdeen Commons is a redevelopment of a former K-Mart center. The new 123,000 square foot retail center was constructed in 2004 - 2005 by Faison and is anchored by Best Buy, Bed Bath & Beyond, Ross Dress for Less, and PETsMART. Specialty tenants include Rack Room Shoes, Panera Bread, Kirkland’s, Coldstone Creamery, and Moe’s Southwest Grill.  The property is located at NC Hwy 15/501 and US 1 in Aberdeen (Moore County), NC. 

Other Faison retail projects in the Carolina’s include:  South Square and Alexander Place Promenade in the Raleigh/Durham area, Northlake Commons, and Amity Gardens in Charlotte and Mooresville Crossing in Mooresville, NC. Faison’s current roster of residential developments in the Carolinas includes:  Village Manor at Ayrsley and 800 Hawthorne in Charlotte and Fenwick in Charleston, SC.

Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.

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