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Ingles now owns county’s largest retail complex

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Ingles now owns county’s largest retail complex

Ingles Markets is now the owner of the largest retail shopping center in Haywood — Waynesville Commons.

The complex along South Main Street in west Waynesville and is anchored by Walmart, Belk, Best Buy, PetSmart and Michael’s, along with a host of smaller retail chains.

Ingles paid a total of $15.2 million for the properties according to the numerous deed transactions on file with the Haywood County Register of Deeds.

The shopping complex consists of several parcels that were originally recorded in November 2007 as the center was being built. The recent purchase included easements for utilities, railroad right-of-way, the town and the agreement with state environmental regulators to abide by the brownfields agreement finalized before the shopping center could be built on the property.

The Ingles purchase of Waynesville Commons occurred in transactions posted on two different dates, Aug. 26 and Oct. 18. The former owner was Ohio-based Waynesville Enterprises, L.L.C.

A portion of the retail complex was initially transferred to Waynesville Investments, a Florida-based LLC, with subsequent documents showing the parcels were eventually transferred to Ingles. Other parcels within the complex were directly conveyed from Waynesville Enterprises to Ingles Markets.

The sale announcement was made by The Shopping Center Group, one of the largest, privately owned, retail-focused real estate advisory firms in the country, which worked with the parties to complete the transaction.

The buyer was attracted to the investment because of the strong demand for Walmart-anchored shopping centers and the return on equity to investors, according to Lauren Philipson of Grey Fox Public Relations.

There are no immediate plans to make changes to the retail complex as all available storefronts are filled, she said.

A press release was sent out by The Shopping Center Group announcing the sale of Waynesville Commons. However, it didn’t include who the buyer was. Philipson said the buyer only wanted to be known as a “Carolina-based investment group.”

A public records investigation by The Mountaineer discovered that Ingles was the entity behind the complex transaction details.

Anthony Blanco, a partner and senior managing director of investment sales at TSCG represented Waynesville Enterprises L.L.C  in the bulk of the sale. The buyer was represented by John Spake of John Spake Real Estate from Asheville.

The deed transfers on Aug. 26 involving the Petsmart and Michaels were sold to Ingles Markets Incorporated by Yale Waynesville LLC, a Delaware limited liability company.

“Waynesville Commons is a strategically positioned center serving a very wide trade area,”  Blanco said. “Walmart is on a ground lease at the property, which is a huge enhancement to the credit of the tenancy. Furthermore, Best Buy has anchored the center since its development in 2008 and renewed several times. The center has a long history of high occupancy rates and a strip outparcel building with Verizon Wireless, CitiFinancial, Sally Beauty and Gamestop was also included in the sale.

Blanco said the various deed transfers from the original owner to the Florida LLC and then back to Ingles were structured to satisfy tax free exchange conditions.

Originally built between 2008 and 2012, Waynesville Commons totals 228,633 square feet and was 100% leased at the time of sale, the news release stated.

TSCG represents institutional and private owners of retail real estate throughout the eastern United States in their efforts to maximize returns on investments from the sale of commercial properties.

“The sale and significant interest in this property demonstrates the continued strong demand for well-positioned retail centers throughout the Southeast from a deep pool of investors,” Blanco said.

A message seeking comment from Ingles Markets, Incorporated wasn’t returned by press deadline.


Full The Mountaineer Article Here

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