Orion Real Estate Group paid $26.1 million for Watauga Village, an 88,800-square-foot, Food Lion-anchored neighborhood shopping center at 276 Watauga Village Drive in Boone, North Carolina.

Watauga Village is located in the commercial center of Boone, the hub of North Carolina’s High Country and home to Appalachian State University, which has approximately 21,800 students. The center is shadow-anchored by a Walmart Supercenter and sits adjacent to Watauga Medical Center, the region’s primary hospital.

In addition to Food Lion, the center’s tenants include Michaels, Mercy Urgent Care, Spectrum, Tropical Smoothie Café and Wingstop. The property is fully leased.

CBRE National Retail Partners represented the seller in the transaction. The CBRE team included Adam Russ and Erin Varol, and Will Register.

Orion currently owns or manages an additional 23 properties totaling 101,583 square feet throughout North Carolina. All 23 are single-tenant, triple-net properties, making Watauga Village the firm’s first shopping center acquisition in the state.

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