Archived News
FOR IMMEDIATE RELEASE
FAISON ANNOUNCES THE SALE OF SOUTH SQUARE SHOPPING CENTER
Charlotte, NC — August 23, 2005 — Faison Enterprises is pleased to announce the sale of South Square Shopping Center to Chicago-based Inland Real Estate Group of Companies. The sale closed on July 6, 2005 with the initial closing price set at $16,219,015. David Lampke, Faison’s Managing Director of Acquisitions and Dispositions, represented the seller in the sale, and Joseph Cosenza, Vice Chairman of Inland Real Estate Group of Companies, represented the purchaser.
South Square Shopping Center is a redevelopment of South Square Mall, located on US Hwy 15/501 at US Hwy 15/501 Bypass in Durham NC. The 52-acre site is located one mile from Duke University and five miles from the University of North Carolina at Chapel Hill. South Square is a 450,000 square foot retail center and features: Super Target, Sam’s Club, Ross Dress for Less, Office Depot, Firestone, Chick-fil-A, Golden Corral, Carolina Ale House, Applebee’s, and Discount Tire along with approximately 16,500 square feet of specialty shop space.
Similar Faison projects in the Triangle area include Alexander Place Promenade, Raleigh NC, whose tenants include: Wal-Mart Supercenter, Kohl’s, and over 54,000 square feet of specialty retailers including Red Robin, Panera Bread, Starbuck’s, Moe’s Southwest Grill and Hollywood Video.
Faison Enterprises, Inc. is a privately-held real estate and investment 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 $1.3 billion, the Charlotte N.C. based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach FL. For more information, visit www.faison.com.
For information: http://www.faison.com or
Contact: carol.lommerse@faison.com
Phone: 704-972-2500
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669
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