BOONE – Orion Real Estate Group paid $26.1 million for Watauga Village, a fully leased, Food Lion-anchored shopping center in Boone, marking the firm’s first shopping-center acquisition in North Carolina.
The 88,800-square-foot property is at 276 Watauga Village Drive. Its tenants include Food Lion, Michaels, Mercy Urgent Care, Spectrum, Tropical Smoothie Cafe and Wingstop, according to transaction reports.
Tom Falatko, Orion’s senior vice president for acquisitions, said the purchase expands the Miami-based firm’s existing North Carolina holdings. Orion already owns or manages 23 single-tenant, triple-net properties totaling 101,583 square feet across the state.
Connect CRE reported that CBRE National Retail Partners represented the seller. The transaction reports did not identify the seller or disclose financing terms.
Shopping Center Business independently reported the completed acquisition and the center’s fully leased status. The deal gives Orion a multi-tenant retail center in the High Country after a North Carolina portfolio previously composed of single-tenant properties.
No employment changes, renovation budget or redevelopment plan was disclosed with the acquisition.