Realty Income Corp. has purchased Wegmans, West Cary, a 103,000-square-foot, single-tenant retail property that anchors Twin Lakes Center, a walkable, mixed-use project in Cary, N.C. The sales price was $34.85 million.
“The Twin Lakes development is an exceptionally well-conceived, class A development,” said Tom Kolarczyk, senior director at JLL Retail Capital Markets, which represented the seller. “The sale of the Wegmans ground lease showcased the high demand for core, credit and long-term triple-net-leased assets. The reception was overwhelming, and we are thrilled with the outcome for both LeylandAlliance and Realty Income.”
The seller was Leyland Twin Lakes LLC, an affiliate of LeylandAlliance.
Leyland began development of Twin Lakes Center in 2018, and Wegmans completed construction of its building earlier this year. Wegmans, West Cary is the second Wegmans location to open in the Carolinas. Wegmans is a family-owned regional supermarket headquar
