Archived Releases
FOR IMMEDIATE RELEASE
Faison Enterprises Sells Alexander Place Promenade Property in Raleigh, N.C.
Charlotte, NC — September 30, 2004 — Faison Enterprises, Inc. today announced the sale of one of its largest Raleigh, N.C. properties, Alexander Place Promenade, to Florida-based Inland Southeast Raleigh Alexander, LLC.
The more than $26 million sale was handled by David Lampke, managing director in Faison's Charlotte headquarters.
Alexander Place Promenade is a 470,000 square-foot retail development that opened in October of last year. Situated onHighway70 and Interstate 540 in one of Raleigh's fastest growing retail and residential areas, Alexander Place is located one mile from Raleigh-Durham International Airport and within 2.5 miles of Research Triangle Park. The center is anchored by a Wal-Mart Supercenter and Kohl's and has a junior anchor roster that includes Starbucks, Panera Bread, Cold Stone Creamery, Hollywood Video, Moe's Southwest Grill and PETCO.
Faison began development of the Alexander Place property in 2002.
"As part of an innovative mixed-used master planned community conceived by Stratford Realty, Dallas, Texas, this has been a very visible and dynamic project for us and the Raleigh market," said Jensie Teague, Faison's senior managing director for N.C. retail projects. "This property is centrally located in a vibrant Triangle community and stocked with some of the nation's top tenants at both the anchor and junior anchor levels. We look forward to a continued partnership with Inland Southeast, Stratford, and continued development of Alexander Place on Inland's behalf."
Capital from the sale will be redeployed into Faison's other new retail development projects in the Carolinas region, Teague said.
Faison's retail development program is extraordinarily active in the North Carolina market. Inland's expansion of Alexander Place is in progress and will include specialty shops and restaurants. Also in the Triangle area, Faison is redeveloping what was once South Square Mall. The 800,000 square-foot mall was demolished and replaced earlier this year with a Sam's Club, Target and Ross Dress for Less anchored shopping center.
In addition, Faison is also currently working on a regional retail center in east Raleigh at the intersection of Highway 64 Business and the 64 bypass.
Other projects underway include Aberdeen Commons in Aberdeen, N.C., where Faison is redeveloping a vacant Kmart site into an 11-acre center that includes anchors Best Buy, Bed Bath & Beyond, PETsMART and Rack Room Shoes.Faison recently completed the redevelopment of another vacant Kmart in Elizabeth City to a Lowe's Home Improvement and is outfitting a redevelopment site in Clinton, N.C. with a Lowe's Home Improvement as well.
Construction is also underway on a 70,000 square-foot lifestyle center across from NorthLake Mall in north Charlotte that is slated to openwith the mall late next year.
Faison Enterprises, Inc. is a privately held development company with a diversified product portfolio that includes retail, commercial and residential project development, and management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.5 billion, the Charlotte, N.C. based company manages and develops properties throughout the Northeast, Southeast and Mid-Atlantic and maintains regional offices in Atlanta, Bethesda, Md./Washington, D.C., Charlotte and Orlando, Fla. For more information, visit www.faison.com.
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669 |
