September 20, 2013
Black Oak Associates, the Owings Mills, Maryland headquartered commercial real estate development and investment group, purchased Hicone Shopping Center, a 90,000 square foot grocery-anchored shopping center in Greensboro, North Carolina for $7.2 million. The shopping center is anchored by Food Lion and CVS and is located at the intersection of Hicone Road and Rankin Mill Road, minutes away from Highway 29 and downtown Greensboro. In addition, Hicone Shopping Center is home to numerous other national tenants and local tenants that meet a wide range of everyday needs. Currently, the center is over 85% leased and has additional pad acreage available for future developments. Black Oak will be working with Nancy Cox and her team at NAI Piedmont Triad, the leasing representative for the property.
Ed Laycox of West, Lane & Schlanger represented the seller, Hicone Properties, LLC in this transaction.
According to Dara Hewat of Black Oak, “After many months of work, we are happy to have completed our acquisition of the Hicone Shopping Center in Greensboro, North Carolina. 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.” This acquisition is the first in Black Oak Associates’ latest investment funding vehicle, Black Oak IV. Black Oak assumed existing debt financing from John Hancock Life Insurance Company to complete the transaction.
With the acquisition of Hicone Shopping Center, Black Oak has purchased six grocery-anchored centers in the past two years, including the acquisitions of New Town Village, South Cumberland Marketplace, Hastings Marketplace, Laurel Gardens, and Unity Village Shoppes.
Black Oak Associates is a regional, private development company that specializes in creating retail and mixed-use projects with a focus on long term performance and efficiency driven sustainability. The firm focuses on shopping centers located in the Mid-Atlantic and South East regions. The company’s portfolio currently includes fourteen shopping centers comprising approximately two million square feet.