Genesis Property Services acquired a portfolio of three Food Lion-anchored shopping centers in North Carolina and South Carolina. Capital Square was the seller. In a press release, Capital Square investors in the Capital Square-sponsored Delaware statutory trust realized a 184% total return from their 1031 exchange investment. Since 2018, Capital Square has completed 34 full-cycle DST programs, producing an average total return of 166.79% and an average internal rate of return of 12.14% for investors.
The center included West Point Village, a 48,246-square-foot shopping center at 433 North Carolina Highway 49 South in Asheboro, N.C., College Lakes, a 43,041-square-foot shopping center at 929 McArthur Road in Fayetteville, N.C. and Kris Krossing, a 49,800-square-foot shopping center at 3320 4th Ave. in Conway, S.C.
Institutional Property Advisors (IPA) represented Capital Square and procured Genesis Properties as the buyer in the sale…