Key Takeaways
- • Blue Ridge Capital Fund acquired MacGregor Village, a 138,276 square-foot retail property in Cary, NC, for $30.24 million on June 10, 2024, marking the fund's second purchase and flagship property since its Q1 2024 launch.
- • The property is strategically positioned at the intersection of US Highway 1 and US Highway 64, south of MacGregor Downs Country Club, with a diversified tenant base including Gamers Geekery & Tavern, Orangetheory Fitness, Sola Salons, X-Golf, SportsHQ, Apex Racing Lab, Wasabi, and MacGregor Draft House.
- • A large pickleball operator has signed a letter of intent at the property, signaling expansion potential and evolving tenant demand within the center's retail portfolio.
- • The transaction was facilitated by Triland CRE and AB&B Commercial Real Estate, with Yezen Hamad, Principal and Broker-In-Charge at Triland CRE, emphasizing the center's strategic importance and growth potential in the Cary market.
Summary
Blue Ridge Capital Fund completed its acquisition of MacGregor Village, a landmark retail property located at 107 Edinburgh South Drive in Cary, North Carolina, for $30.24 million. The June 10, 2024 transaction represents a significant milestone for the fund, which launched in the first quarter of 2024 and has now completed its second major acquisition, with MacGregor Village serving as its flagship property.
The 138,276 square-foot retail center occupies a high-traffic location at the convergence of US Highway 1 and US Highway 64, positioned immediately south of MacGregor Downs Country Club. This strategic positioning places the property within a affluent residential and commercial corridor in the Cary market. The property features a robust tenant mix spanning retail, fitness, dining, and entertainment categories, including established operators such as Gamers Geekery & Tavern, Orangetheory Fitness, Sola Salons, X-Golf, SportsHQ, Apex Racing Lab, Wasabi, and MacGregor Draft House.
Beyond its current tenant base, MacGregor Village demonstrates expansion potential through new tenant commitments. According to Yezen Hamad, Principal and Broker-In-Charge at Triland CRE, a prominent pickleball operator has executed a letter of intent to occupy space at the center, reflecting emerging consumer demand trends and the property's capacity to attract operator diversification. Hamad expressed confidence in the property's trajectory, noting that MacGregor Village was his initial observation point in the Cary market over two decades ago and that the center represents meaningful growth potential.
The transaction was executed through collaborative efforts among Triland CRE, Blue Ridge Capital Fund, and AB&B Commercial Real Estate. These parties are focused on strategic planning and optimization initiatives to enhance the property's value and operational performance. The acquisition underscores investor appetite for well-positioned retail assets in secondary markets with strong demographic and traffic fundamentals.
The 138,276 square-foot retail center occupies a high-traffic location at the convergence of US Highway 1 and US Highway 64, positioned immediately south of MacGregor Downs Country Club. This strategic positioning places the property within a affluent residential and commercial corridor in the Cary market. The property features a robust tenant mix spanning retail, fitness, dining, and entertainment categories, including established operators such as Gamers Geekery & Tavern, Orangetheory Fitness, Sola Salons, X-Golf, SportsHQ, Apex Racing Lab, Wasabi, and MacGregor Draft House.
Beyond its current tenant base, MacGregor Village demonstrates expansion potential through new tenant commitments. According to Yezen Hamad, Principal and Broker-In-Charge at Triland CRE, a prominent pickleball operator has executed a letter of intent to occupy space at the center, reflecting emerging consumer demand trends and the property's capacity to attract operator diversification. Hamad expressed confidence in the property's trajectory, noting that MacGregor Village was his initial observation point in the Cary market over two decades ago and that the center represents meaningful growth potential.
The transaction was executed through collaborative efforts among Triland CRE, Blue Ridge Capital Fund, and AB&B Commercial Real Estate. These parties are focused on strategic planning and optimization initiatives to enhance the property's value and operational performance. The acquisition underscores investor appetite for well-positioned retail assets in secondary markets with strong demographic and traffic fundamentals.
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