Branch Properties, LLC, an Atlanta-based, privately held real estate investment firm, announces the acquisition of Westridge Square, a 215,000 square foot neighborhood center, for $28.9 Million. Located in the affluent northwest submarket of Greensboro, North Carolina, Westridge Square is anchored by Harris Teeter, Kohl’s, and several credit ground leases.
“Westridge Square fits into our strategy of seeking high-quality, grocery-anchored neighborhood centers throughout the Southeast,” said Nick Telesca, president of Branch Properties, LLC. In addition to Westridge Square, Branch Properties also owns nearby Battleground Village in Greensboro, a 74,000 square feet neighborhood shopping center anchored by Earthfare. Branch acquired Battleground Village in January 2014.
“We were drawn to the Greensboro market due to its strong economic stability and are pleased to expand our presence in Greensboro, further committing to the development of this community,” Telesca continued.
The center is located at the intersection of Westridge Road and Battleground Avenue, a main thoroughfare with an excess of 55,000 vehicles per day. There are over 165,000 residents and an average household income of more than $88,000 within a 5-mile radius. The acquisition was financed by Wells Fargo Bank, N.A.
Westridge Square is Branch’s twelfth investment in the past two years. During this time period, the company has acquired and/or developed approximately $200,000,000 of retail investments encompassing approximately 1.4 million square feet of space.