LOS ANGELES--(BUSINESS WIRE)--Real estate investment firm Westport Capital Partners LLC (“Westport”) announced today that it has closed on the purchase of Marketfair Mall in Fayetteville, NC. Terms were not disclosed.
“Westport executed this transaction in a very fast and efficient time frame. They see a compelling opportunity to acquire a prime 23-acre site and implement their re-positioning expertise to maximize the potential of this property.”
Marketfair Mall is a 250,000 square foot retail complex located at the prominent intersection of Skibo Road and Morganton Road. Anchored by the 60,000 square foot, 15-screen Carmike Cinema, the center also includes a 66,000 square foot Gander Mountain Outdoor World, a 35,000 square foot HH Gregg appliance and electronics superstore, and several shop tenants.
Russel S. Bernard, Managing Principal at Westport, said, "We believe that well-selected real estate in this market offers a promising opportunity and we see this property as a good fit with our firm's opportunistic investment philosophy. This Center is located at one of the City’s key traffic intersections and is well positioned to thrive under stable ownership and management expertise."
Scott Chernoff, Principal at Westport, added, "The property is home to several established businesses that serve the Fayetteville community. We will immediately implement an aggressive leasing and marketing program along with property upgrades and enhancements that will soon establish Marketfair Mall as a premier retail destination in this market.”
Colliers International in Atlanta represented the seller in this transaction. Joe Montgomery, Senior Vice President, who led the Colliers investment team, added, “Westport executed this transaction in a very fast and efficient time frame. They see a compelling opportunity to acquire a prime 23-acre site and implement their re-positioning expertise to maximize the potential of this property.”
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA and Wilton, CT.