Capital Growth Buchalter's purchase of more than two acres of land in Fayetteville, North Carolina, is set to bring revitalization to the area's commerce corridor.
Located at 3613 Raeford Road next to All American Freeway, the area is situated in a busy commercial corridor with many retailers, restaurants and employers. Additionally, it is a nine-minute drive from Fayetteville Regional-Grannis Field Airport.
Real estate development firm Capital Growth Buchalter purchased 2.41 acres of the total 3.08 acres.
The deal received a 2024 CoStar Impact Award for sale of the year for Fayetteville, as judged by real estate professionals familiar with the market.
About the Deal: The property is primarily zoned for limited commercial with smaller lots in the rear zoned for residential, according to LoopNet data.
What the Judges Said: "This sale will result in a significant redevelopment, helping to improve this important commerce corridor. The new offering will be a first for the market, resonating well within the community." — Robert Van Geons, president and CEO, Fayetteville Cumberland Economic Development Corp.
They Made It Happen: Grant Murray, broker, Grant-Murray Real Estate; Robey Spratt, principal, Atlantic Retail.