**Genesis Property Services Acquires Trio of Food Lion-Anchored Retail Centers in Carolinas**
Genesis Property Services has acquired a portfolio of three Food Lion-anchored shopping centers located across North Carolina and South Carolina. The seller was Capital Square, a sponsor of Delaware statutory trust (DST) investment offerings.
According to a press release, investors in the Capital Square-sponsored DST realized a 184% total return from their 1031 exchange investment. Since 2018, Capital Square has completed 34 full-cycle DST programs, achieving an average total return of 166.79% and an average internal rate of return (IRR) of 12.14%.
The shopping centers in the transaction include:
– **West Point Village**: A 48,246-square-foot center located at 433 North Carolina Highway 49 South in Asheboro, NC.
– **College Lakes**: A 43,041-square-foot center located at 929 McArthur Road in Fayetteville, NC.
– **Kris Krossing**: A 49,800-square-foot center located at 3320 4th Avenue in Conway, SC.
Institutional Property Advisors (IPA) represented Capital Square and procured Genesis Property Services as the buyer.
Dean Zang of IPA commented, “Food Lion’s sales have grown 62% since 2018. Fundamentals for shopping centers, especially those anchored by grocery stores, remain strong.”
This sale highlights continued investor confidence in grocery-anchored retail assets and the strength of the Carolinas’ retail real estate markets.
