By Catherine Carlock
September 20, 2013 | 1:43 p.m.
A Maryland-based commercial real estate development and investment group has purchased the 90,000-square-foot Hicone Shopping Center in northeast Greensboro for $7.2 million.
Black Oak Associates Inc. of Owings Mill, Md., acquires and redevelops shopping centers and mixed-use projects throughout the mid-Atlantic region. It has acquired six grocery-anchored centers in the past two years, but the Hicone acquisition marks the firm’s entrance into the North Carolina market.
Black Oak has a long history of owning and improving grocery-anchored centers similar to Hicone. We look forward to making future investments to support existing businesses operating at the center and to attract new ones that meet the everyday needs of the local community,” said Dara Hewat, a partner with Black Oak.
Hicone is a Food Lion and CVS-anchored shopping center located west of U.S. 29 at the intersection of Hicone Road and Rankin Mill Road.
The center is more than 85 percent leased and has additional pad acreage available for development. Nancy Cox with NAI Piedmont Triad is the leasing representative for the property.
Ed Laycox with Washington, D.C. - based commercial real estate brockerage West, Lane & Schlager represented the seller, Hicone Properties LLC, in the transaction.