Riverbirch Corner, the shopping center that has anchored west Sanford since the late 1980s but largely fallen into decline in recent years, has been sold, according to a deed on file at the Lee County Courthouse.
The deed shows that CASTO-CCM Sanford took possession of the shopping center from Riverbirch Realty LLC on Nov. 17.
CASTO, an Ohio-based real estate holding company which also has offices in North Carolina and Florida, appears to own dozens of shopping center properties in Ohio, Alabama, Florida, Georgia, Indiana, North Carolina, and South Carolina – many of them anchored by large retailers like Kroger, Target, Kohl’s, Stein Mart, and others.
CASTO’s North Carolina properties include Stone Creek Village in Cary, Shoppes at Wakefield Park in Raleigh, Park West Village in Morrisville, Adams Farm Shopping Center and the Shoppes at Battleground North in Greensboro, and others in Winston-Salem, Durham, Charlotte, Jacksonville, and Burlington.
“We are so excited to be part of Lee County and the positive growth of this wonderful community,” Shannon Dixon, executive vice president of CASTO Southeast Realty Services, said in a press release. “Located in the geographic center of the state, it is truly the heart of North Carolina, and we couldn’t be more thrilled to help embody the county’s motto ‘committed today for a better tomorrow.'”
Riverbirch Realty, a subsidiary of New York-based Namdar Realty Group and Mason Asset Management, had owned the property since 2017, and faced local civil penalties for lack of upkeep on the property as recently as 2019, as well as a number of businesses either closing or leaving for other locations. Many of the center’s 25-plus retail suites remain vacant. A 2018 article in Reuters reported that Namdar and Mason invest “as little as possible on many of their properties; the aim is to hold the assets, not redevelop them.”
CASTO hasn’t announced or submitted any plans with the city regarding the future of the shopping center. Steve Malloy and Tim Dubois of Adcock Real Estate assisted in the transaction.
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of multifamily residences, commercial shopping centers and office buildings. CASTO’s portfolio currently includes over 6,200 multifamily units and over 26 million square feet of commercial property located throughout the midwestern and southeastern United States.
Oh, let’s hope this new company will update the shopping center, & bring more stores in
We could use one or two more dollar generals!!! lol
Would like jc Penney to come back , probably won’t happen,
Hey, we might get a Target. Wouldn’t that be something. The closest Target is nearly 40 miles away.
Yes, Target would be nice, we don’t have one , demo everything from Maurices to Belks, it might fit perfect !
Thanks Steve Malloy and team at Adcock Real Estate Services for making this happen!! Cant wait to see what’s in store for that space!
Came from Seattle and the Sanford area will no longer be affordable in the future for many poor people, and some would say I am part of that issue coming from Seattle. When you see major roundabouts like Hawkins and giant corporation’s plans. Make your moves now or you will be left without affordable living conditions. I was born in 1965 in Seattle and seen how fast a place can grow and was stationed in the 82nd Airborne in 1983 and now I’m back and love the quiet area here and can see probably moving to another quieter area in a decade, because this Sanford area will explode in growth!
Sanford is too far from all the city centers to ever be a truly desirable place to live: its fairly convenient for being an exurb in that it’s only an hour to get to most places, but on the other hand, it’s an hour to get anywhere, which will always make Sanford a less-desirable place to live. That will keep real estate prices here lower than in the Raleigh area or Chapel Hill area. Unlike in Seattle and San Francisco, there are very few barriers to development in North Carolina, so the supply of new housing can and, in the long term does, keep up with demand, further limiting the amount of appreciation possible in outlying locations such as Sanford. A Target will not doom us.
You are correct. If you cut development and values into a 1-10 ranking – only a small part of Chapel Hill near the University, and the area roughly inside the Western Beltline of Raleigh can and will be 10’s. The best developments outside outside those points can be 9’s but never tens. The best that Chatham Park in Pittsboro will be is about 8.5.
What Sanford will clean up on is 4-5-6-7. Average and above average offerings but not the best. The average Lee Countyite has no idea how much work went into Sanford not becoming Roxboro, Oxford, Siler City, Asheboro, etc., etc.
The really bad and low end stuff will be pushed out toward Siler City, Candor, and of course Spring Lake.
Please a TARGET and PANERA!!!! We need some new options 🙂
Sanford needs a Panera about as much as we needed a Starbucks……WE DON’T NEED EITHER!! They are nothing special but idiots lose their damn minds and think they are.
Target will never come to Sanford either. They don’t build new centers within 50 miles of a current store and they require stand alone buildings to start (other stores can buy properties and join, but Target owns the entire complex first). So unless there is a complete empty lot somewhere, don’t get your hopes up for Target to come to Sanford. And hell no to the heat and eat crap that is Panera.
There are multiple Targets in Morrisville alone. Add in all the Targets in Raleigh, Cary, Holly Springs, Chapel Hill and Durham and there are many, many Targets within the 50 miles centered around Raleigh. Wherever you got your 50-mile-radius statistic, you should distrust that source from now on.
To each their own! Moved here and Sanford has nothing but crap fast food anyway would be nice to have other options. Also , no one wants to drive 20-30 miles to a store so a closer target is needed. We’ll see !
I should clarify my original response so my bad for that. They will not build a super Target within 50 miles of a current one. I got my source for a Target store manager who used to be a store manager at Wal-Mart, and she clarified it by stating that underperforming stores will be purposely build around high performing stores to help increase traffic flow to certain areas while alleviating “choke points” in high traffic areas. It also helps build brand recognition along with lower rent costs for surrounding chains. The business model works. Why do you think Sanford has so damn many Dollar Generals. Certain ones generate revenue, while others are there because rent was cheap, and carry completely different items than other ones. Delhaze (Food Lion) does the exact same thing. Do you really think Sanford needed 4 Food Lions at the same time all within 10 miles of each other….of course not. Rent was ridiculously cheap at the edge of town, less than $5K a month, and almost never pulled a profit. The one by Pizza Hut, is barely breaking even between rent and profit, but is good for traffic flow. The two best performing ones are the ones in Tramway, and the one in the old Wal mart area. The rent on both of those is high, but both stores pull more than their fair share for profit and have you noticed they carry different items. One honors “rain-checks” and the other one does not? Next time there is a sale on something, go to the different stores and see the amount each one has. I can almost guarantee, one will not have any at all because it’s not supposed to.
Would love to see a Kroger store in Sanford. It is a between Food Lion and Lowe’s