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HHGregg store in Cary sells for nearly $3.7M

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Mar 6, 2013, 2:53pm EST

Commercial Real Estate

HHGregg store in Cary sells for nearly $3.7M

Amanda Jones Hoyle

Staff Writer-

Triangle Business Journal

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CARY – The HHGregg store in Cary isn’t going anywhere – as far as we know – but ownership of the building that HHGregg occupies off Walnut Street has changed hands.

A Wilmington-based real estate investor group has bought the HHGregg, Inc. (NYSE: HGG) building at 1401 Piney Plains Rd. in Cary for nearly $3.7 million, according to Wake County deed records.

An entity called Meeting Street HHG LLC acquired the building, which sold for a 25 percent discount to its $4.95 million tax value, from DDR Corp. of Beachwood, Ohio. Meeting Street HHG is managed by Wilmington businesswoman Priscilla Lloyd, according to corporation filings.

DDR (NYSE: DDR) is a national real estate investment trust that still owns at least 10 other retail properties in Triangle, including the Alexander Place Promenade shopping center that is anchored by Wal-Mart (NYSE: WMT) and Kohl’s Corp. (NYSE: KSS) in northwest Raleigh, Beaver Creek Crossings in Apex and Meadowmont Village in Chapel Hill.

HHGregg moved into the 29,000-square-foot building in 2010 after the now-defunct Circuit City electronics retail chain shut its store there.

Drew Logan with The Shopping Center Group commercial real estate firm in Raleigh represented the building’s buyer group and Capital Pacific represented DDR in the sale transaction.

Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate

Original article appeared here

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