Kingsbarn Realty Capital has announced the acquisition of Riverside Crossing, a grocery-anchored retail center located at 850 East Suber Road in Greer, South Carolina. Kingsbarn intends to offer interests in Riverside Crossing in a Delaware Statutory Trust structure, thereby making it eligible for purchase fractionally as a 1031 exchange replacement property.
Comprised of 58,358 rentable square feet, Riverside Crossing is leased to five tenants, most notably Lowes Foods. Founded in 1954 in North Carolina, Lowes Foods now operates close to 100 stores in the Carolinas. The grocery chain’s parent company, Alex Lee Inc., has been named one of “America’s Largest Private Companies” by Forbes.
In addition to its high-quality tenants, Riverside Crossing benefits from its location in the greater Greenville metro area. Greenville is one of the fastest-growing cities in the Southeast USA, and the property is located at a major intersection (S-540 and S-94) in the region.
“Riverside Crossing is well-positioned to take advantage of Greenville’s growing economy,” said Kingsbarn Vice President of Acquisitions, Daniel Abramowitz. “This acquisition further solidifies our commitment to providing our clients with top-tier investment opportunities across the country.”
The DST investment structure provides investors with fractional ownership in higher-quality properties than they may be able to acquire on their own. DSTs are also very useful in helping investors diversify their real estate portfolios in a much easier fashion than if they tried to acquire multiple properties on their own.
