BOONE, N.C. — Miami-based Orion Real Estate Group has acquired Watauga Village, an 88,800-square-foot neighborhood shopping center located in Boone, a city in western North Carolina and home of Appalachian State University. Adam Russ, Erin Varol and Will Register of CBRE represented the undisclosed seller in the $26.1 million transaction.
Food Lion anchors the property, which was fully leased at the time of sale to tenants including Michaels, Mercy Urgent Care, Spectrum, Tropical Smoothie Café and Wingstop.
Orion currently owns or manages an additional 23 properties totaling 101,583 square feet throughout North Carolina, which are all single-tenant, triple-net properties. Watauga Village is the firm’s first shopping center acquisition in the state.