Genesis Property Services acquired a portfolio of three Food Lion-anchored shopping centers in North Carolina and South Carolina. Capital Square was the seller. In a press release, Capital Square investors in the Capital Square-sponsored Delaware statutory trust realized a 184% total return from their 1031 exchange investment. Since 2018, Capital Square has completed 34 full-cycle DST programs, producing an average total return of 166.79% and an average internal rate of return of 12.14% for investors.

The center included West Point Village, a 48,246-square-foot shopping center at 433 North Carolina Highway 49 South in Asheboro, N.C., College Lakes, a 43,041-square-foot shopping center at 929 McArthur Road in Fayetteville, N.C. and Kris Krossing, a 49,800-square-foot shopping center at 3320 4th Ave. in Conway, S.C.

Institutional Property Advisors (IPA) represented Capital Square and procured Genesis Properties as the buyer in the sale.

IPA’s Dean Zang added, “Food Lion’s sales have grown 62% since 2018. Fundamentals for shopping centers, especially those anchored by grocery stores, remain strong.”