The Cluster* at Crossroads in Cary (Durham, Holly Springs: 2014, lease, tenant)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I'm a few years late but I don't want to miss today's opportunity to dump on Crossroads. I avoid it just like I avoid Brier Creek....I hate those 2 shopping centers.
There was a fair bit of discussion in this thread about David Martin, South Hills, and the chunk of his property sandwiched between Crossroads and U.S. 1, so I figured it's worth noting that following Martin's passing about a year and a half ago, the family has now put everything on the market. ~50 acres ripe for redevelopment.
Seems like decent property, and my favorite local donut place is in that complex. But, and it's a big but, what do you do with the motel that is adjacent to this property? Seems a big negative if anything high end goes into there.
The Martin family properties at South Hills cover everything from the donut shop to the cafeteria on the south side of Buck Jones + three properties north of Buck Jones: the Anchor Auto, Mongolian restaurant (aka old Shoney's), and Martin house (behind the bowling alley). Oh, and that wedge of land stuck between the back of the Best Buy and the 40/440 interchange.
The listing text says "cash-flowing," but that's at the existing land value... any buyer won't be earning much of a cash yield once they pay the asking price. Anchor Auto, Rose's, and Tuesday Morning probably pay minimal rent; Grand Asia brings a lot of customers but may move up the street.
I wish Epic had bought this site (or Fenton!) rather than the CTC site. A centrally located, highly visible site that's a little tricky to get to would be perfect for offices, but never really made a lot of sense for retail.
Quote:
Originally Posted by wake74
Seems like decent property, and my favorite local donut place is in that complex. But, and it's a big but, what do you do with the motel that is adjacent to this property?
Huh. Seems like the Motel 6 sold in early 2020 (what a time to buy a hotel) to an LLC registered by several people with the surname Patel, c/o Sleep Inn Roanoke Rapids.
There are some downscale motels around 440/Wake Forest, but those don't seem to dissuade new retailers from the area.
I wish Epic had bought this site (or Fenton!) rather than the CTC site. A centrally located, highly visible site that's a little tricky to get to would be perfect for offices, but never really made a lot of sense for retail.
Yeah, how about that wedge between Crossroads and the interchange...great visibility for branding on some big buildings and they could have rolled their stuff down the street without needing moving trucks!
Yeah, how about that wedge between Crossroads and the interchange...great visibility for branding on some big buildings and they could have rolled their stuff down the street without needing moving trucks!
It's funny you mention that, but tall buildings were actually Martin's plan for that wedge a long, long time ago. There's a sketch/plan lurking on the internet somewhere of what he dreamed about.
It's funny you mention that, but tall buildings were actually Martin's plan for that wedge a long, long time ago. There's a sketch/plan lurking on the internet somewhere of what he dreamed about.
You don't remember 2018??
Hitting the reset button in 2021 is totally fair game
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