FAISON ANNOUNCES THE SALE OF SOUTH SQUARE SHOPPING CENTER
Charlotte, NC — August 23, 2005 — Faison Enterprises
is pleased to announce the sale of South Square Shopping
Center to Chicago-based Inland Real Estate Group of Companies. The
sale closed on July 6, 2005 with the initial closing price
set at $16,219,015. David Lampke, Faison’s Managing
Director of Acquisitions and Dispositions, represented the
seller in the sale, and Joseph Cosenza, Vice Chairman of
Inland Real Estate Group of Companies, represented the purchaser.
South Square Shopping Center is a redevelopment of South
Square Mall, located on US Hwy 15/501 at US Hwy 15/501
Bypass in Durham NC. The 52-acre site is located one mile
from Duke
University and five miles from the University of North
Carolina at Chapel Hill. South Square is a 450,000 square
foot retail
center and features: Super Target, Sam’s Club, Ross
Dress for Less, Office Depot, Firestone, Chick-fil-A, Golden
Corral, Carolina Ale House, Applebee’s, and Discount
Tire along with approximately 16,500 square feet of specialty
shop space.
Similar Faison projects in the Triangle area include Alexander
Place Promenade, Raleigh NC, whose tenants include: Wal-Mart
Supercenter, Kohl’s, and over 54,000 square feet of
specialty retailers including Red Robin, Panera Bread, Starbuck’s,
Moe’s Southwest Grill and Hollywood Video.
Faison Enterprises, Inc. is a privately-held real estate
and investment company with a diversified product portfolio
that includes retail, commercial and residential project
development, management and acquisitions services. With
more than 40 years in the business and holdings of approximately
$1.3 billion, the Charlotte N.C. based company manages
and
develops properties throughout the South and Mid-Atlantic
and maintains regional offices in Bethesda MD, Washington
DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach
FL. For more information, visit www.faison.com.
For information: http://www.faison.com or
Contact: carol.lommerse@faison.com
Phone: 704-972-2500
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669
