APG Capital is pleased to announce the successful sale of Ace Plaza, a 54,800-square-foot multi-tenant retail property anchored by Ace Hardware, along Kildaire Farm Rd in Cary, NC. Originally built in 1991, APG acquired the property in 2019 and invested over $1.1 million in improvements.
The site was sold this week to a 25-year North Carolina-based retail owner operator for $9.2M or $168 per square foot.
Jim Anthony, Founder and CEO of APG Companies said “APG was fortunate to have an opportunity to acquire this property for under $100 per square foot when it had significant deferred maintenance and vacancy issues. Since then, we have corrected the property issues, and frankly, it has not been in this good shape since it was originally built. We are now thankful to be able to sell the center to one of North Carolina’s finest retail development and operating companies, BrodyCo based in Greenville. We know they’ll do a great job and we feel good about our stewardship of this asset for our investors.”
Big shout out to APG’s Daniel Walser, VP of Acquisitions, Rick Polley, President of Management Services, and David Divine, Director of Investment Sales for managing the sales process.
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