March 02, 2015

Collett Partner sells Walgreens, Sheetz, Advanced Auto for $12M

Collett Partner sells Walgreens, Sheetz, Advanced Auto for $12M

Charlotte shopping center developer Collett & Associates has sold all three of the retail buildings it built in 2012 at the corner of U.S. 401 and Ten Ten Road in Garner in a deal valued at $11.9 million.

Collett partner Bill Mitchener had in 2012 paid $3.5 million for the four acres of land across from McCullers Crossing between Garner and Fuquay-Varina and subsequently leased and built three retail properties on behalf of drug store operator Walgreens (NYSE: WAG), convenience store owner Sheetz and auto parts retailer Advance Auto Parts (NYSE: AAP).

All three buildings were completed in either 2012 or 2013 for a combined 29,000 square feet of building space across from Food Lion-anchored McCullers Crossing shopping center.

The new owner of the buildings is Reno, Ohio-based Utica Assets LLC, which is affiliated with owners of the petroleum engineering services firm Heinrich Enterprises Inc.

Triangle Business Journal

Staff Writer: Amanda Jones Hoyle