The Bedrin Organization has added to its Triad-area holdings by purchasing Gate City Shopping Center, 3018 Gate City Blvd., from Sackett Greensboro LLC, which is owned by Stanford, CT-based Paragon Management Group.
The sale of the 125,985-square-foot center, which includes Burlington Coat Factory, Dollar Tree, Office Depot and Ichiban Grill, closed Monday, June 25. The Bedrin Organization paid $7.65 million for the property.
The sale comes a year after the area benefitted from $13.3 million in streetscape improvements along West Gate City Boulevard. Better sidewalks, crosswalks, a new median, street resurfacing and improvements to utilities and the overall appearance of the area were paid for by municipal bonds approved by voters in 2008.
“We are a believer of growth in this area – the Greensboro Coliseum, the Koury Convention Center, UNC Greensboro, all of these locations are well-established and growing,” said Garret Bedrin, who oversees acquisitions and leasing for The Bedrin Organization.
“Within the center itself, Burlington Coat Factory is an outstanding brand and is a great place to look for bargains. Within the neighborhood, the city has invested significantly in infrastructure improvements in this area. We’re excited to be a part of the long-term growth on Gate City Boulevard.”
The center is fully occupied, but there is 4,500 square feet of storage that is currently blocked by Office Depot and can be accessed only from the rear or side. Bedrin said there are no current plans to market the space but that it could be converted to retail in the future and attached to one of the existing retailers in the center.
The purchase brings to eight the number of shopping centers that Bedrin’s company owns in the Piedmont Triad and he said he is actively pursuing opportunities here and in other close-in markets in North Carolina.