Print
Retail

New Owner Acquires The Forum Shopping Center

By Emma Dill, posted Sep 8, 2023
CenterSquare, a Pennsylvania-based investor, announced Friday it has acquired Wilmington's The Forum shopping center. (Image courtesy of CenterSquare)
The Forum shopping center has a new owner.

The 105,785-square-foot shopping center has been acquired by CenterSquare, a Pennsylvania-based real estate investment management company, according to a news release Friday. Development of The Forum has been credited with helping spark growth along Wilmington's Military Cutoff Road corridor.

The Forum sits on 13.6 acres at 1125 Military Cutoff Road and is home to a lineup of national, regional and local restaurants and shops. Tenants include Dunkin’, Jimmy John’s, Club Pilates, UPS, Chop’t, Bento Box, True Blue Butcher and Osteria Cicchetti, among others. 

The shopping center is located in a “premier retail node” with direct access from U.S. 17 – a corridor that sees an estimated 39,000 cars per day, according to the company's release.

“This investment aligns with our strategy of targeting unanchored, high-quality essential service retail centers in strong demographic submarkets,” the release stated.

The purchase of the Forum, which closed on Sept. 6, marks CenterSquare’s 37th service property acquisition nationwide and 15th acquisition in the Southeastern U.S. The company owns 38 shopping centers across 15 markets.

While the company doesn't own any other Wilmington-area properties, it owns three other "essential service retail" properties in North Carolina, including one in Cary and two in the Charlotte area. A CenterSquare spokesperson told the Business Journal on Friday the company is "unable to disclose the price" of its latest purchase in Wilmington.

The firm's investment strategy aims to target a subset of "e-commerce resistant, institutional quality properties whose customers must visit the store in order to consume the product or service," according to the company spokesperson.

"This unique investment approach has poised the portfolio for continued growth and success during times of market volatility and throughout the COVID-19 pandemic; even when the general sentiment toward brick-and-mortar retail properties was unfavorable, occupancy rates remained in the 97% range," the spokesperson wrote in an email to the Business Journal.

In the coming months, CenterSquare plans to enhance The Forum's signage and lighting.

The Forum was developed by H. David Swain, founder of Swain & Associates. The center was developed in phases, starting in 1998. Swain & Associates sold the center in 2013 for $24.7 million to two pension groups.

Following The Forum came the development of Renaissance Commercial along with Mayfaire – a mammoth 667,353-square-foot, mixed-use development that has accelerated west Wilmington’s commercial growth.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Gretchen roberts 2021

Buying a Business? 6 Critical Finance and Tax Questions Before the Purchase

Gretchen Roberts - Red Bike Advisors
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Burrus rob headshot 300x300

Propel Your Finance Career with UNCW’s Newly Announced STEM Designated, Face-to-Face Delivery of M.S. in Finance & Investment Management

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

OPINION: The Case Against A 135-foot Cape Fear Memorial Bridge

Isabelle Shepherd - Jul 15, 2024

Payne Named Director Of Development At Hill School

Staff Reports - Jul 16, 2024

College Road Shopping Center Sells For $8.5M

Cece Nunn - Jul 16, 2024

Jones Tapped As WARM NC's CEO

Staff Reports - Jul 16, 2024

Once Slated For Apartments, Site Off Market Street Could Get 60 Townhomes

Emma Dill - Jul 15, 2024

In The Current Issue

On BHI: Croquet, Anyone?

The Bald Head Island Croquet Club has produced its fair share of hard-hitting croquet crusaders, with past club members Bill and Billie Jean...


Nonprofit Groups, Governments Aim To Preserve Area Trees

“If you speak to individuals, no one is against trees,” said Dan Camacho, the new executive director of the nonprofit The Alliance for Cape...


Doctor Building Trust At Jordan Clinic

At the corner of 15th and Greenfield streets, the first clinic opened its doors in April with Emilia Parrott as lead physician and Nicholas...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season