Shopping center

Freedom Town mall in Fayetteville sells for $72.5 million

Freedom Town Center, one of Fayetteville’s premier malls, was recently sold.

The Skibo Road mall, home to stores including Sprouts Farmers Market, Cost Plus World Market, DSW Designer Shoe Warehouse and Dick’s Sporting Goods, was sold in February for $72.5 million, according to a RealtyLink press release. , the seller of the property. .

The center was purchased by Serota Properties, a New York-based commercial real estate developer.

Serota owns approximately 2.5 million square feet of commercial real estate on Long Island. Freedom Town Center is the company’s first property in the Southeast, but Joseph Scimone, chief financial officer and administrator of the subsidiary that now owns the mall, said it was the first of what he plans to be. several purchases the company will make in the region as it seeks to diversify its portfolio.

The company is also in the process of buying a larger mall in Georgia, Scimone said.

“We are starters for the long term,” Scimone said. “We’re not here to buy and move on.”

Scimone said the company was drawn to the Freedom Town Center for several reasons. Its size — about 350,000 square feet, plus additional space under construction that wasn’t included in the Feb. 17 sale but would bring the total size to about 400,000 square feet — is right in the company’s “sweet spot.” , said Scimone.

RealtyLink still owns a six-acre parcel with approximately 40,000 square feet of existing retail and restaurant space, as well as approximately 16,000 to 18,000 square feet of space currently under construction. Scimone said Serota would be willing to purchase that property at a later date.

The age of the mall – it opened to the public in September 2017 – and the economic stability that Fort Bragg offers also played a significant role.

“We believe Fort Bragg is here to stay,” Scimone said. “It’s a good thing for Fayetteville and a good thing for us as new citizens of Fayetteville.”

For RealtyLink, the sale is the largest in the history of the Greenville, South Carolina-based developer.

“The Freedom Town Center has been an incredible project to work on over the past six years. All of our partners have helped us get this far and we are extremely grateful,” said Phil Wilson, Founding Director and Project Manager of RealtyLink, in a statement. “Our team is very proud of this landmark transaction.”

The mall first opened on the corner of Skibo and Cliffdale Roads in September 2017. The entire 49-acre mall cost around $85 million to build, the Observer reported at the time of its opening.

Jacob Pucci writes about food, restaurants and business. Contact him by email at [email protected] or follow him on Twitter at @jacobucci or on Facebook. Do you like talking about food? Join our Fayetteville Foodies Facebook group and sign up for our Fayetteville Foodies newsletter.