02/10/09 — Berkeley Commons sold for $19M to New York investor

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Berkeley Commons sold for $19M to New York investor

By Anessa Myers
Published in News on February 10, 2009 1:46 PM

Berkeley Commons -- the plaza that houses TJMaxx, Ross Dress for Less, Old Navy, Bed Bath & Beyond and other retail shops and restaurants on Berkeley Boulevard -- was recently sold to a New York investor for millions.

1st Carolina Properties developed the property in 2005 and owned it until Jan. 29, when it was sold to Berkeley Realty Associates in Melville, N.Y.

Wayne County Register of Deeds records state that on a $2 per $1,000 excise scale -- which is a tax on the sale of goods or, in this case, property -- $38,000 in taxes were paid, making the land transaction exactly $19 million.

Connell Radcliff, president of 1st Carolina Properties, said the company sold the property because it was a "non-strategic asset," meaning that it was not one of the firm's "typical" centers, which are usually anchored by a grocery store.

"It is a power center, and the only one we had left in our portfolio," Radcliff said. "Since our inception as a company in 1999, we have developed all types of shopping centers, and have sold those which we don't regard as our niche. Beaver Creek Commons in Apex is another good example. It is a power center that we codeveloped with Developers Diversified Realty and sold our interests back to them in 2006."

Radcliff said the current property owner wishes to remain anonymous but owns several other centers throughout the country.

Casto Properties, the company that leases and manages the commons, will continue to do so, he said.

"The current owner of Berkeley purchased the center as part of a 1031 tax exchange, to add to his portfolio of investments, and does not plan any changes," the 1st Carolina Properties president added. "As far as we know ... the property will continue to be a great shopping venue for the Goldsboro community."

Berkeley Realty Assoc-iates couldn't be reached by press time for comment.

1st Carolina Properties still owns Memorial Com-mons on Wayne Memorial Drive that currently in-cludes Office Depot and Starbucks. Pizza Hut/Wing Street will open in Memorial Commons in March.