Story and photo by Hal Goodtree.
Cary, NC – All this week, people have been asking us about the Kroger on NC 55. Rumors are flying, but all we can tell you for a fact is that the building has been sold to a real estate development firm.
Kroger No More
Kroger developed the property in 2005 and vacated it in 2008, according to Triangle Business Journal.
Last year, the site was swirled in controversy over a proposed Immigration & Customs Enforcement (ICE) facility.
The ICE facility was scotched soon after the plans became public knowledge.
The New Owners
The new owners of the property are The Crown Companies of Dobson, NC. Dobson is about 45 miles northwest of Winston-Salem.
Interestingly, Crown owned the property prior to development by Kroger. In 2005, Crown leased development rights to Kroger. Later, Crown sold the underlying property to Kroger as well.
Now, the site at the corner of NC 55 and High House is back in the Crown portfolio. According to public documents, Crown purchased the building for $4.1 million.
First, it’s good to note that commercial real estate activity in Cary keeps chugging along. Waverly Place continues its renovation, adding a slew of new tenants. And, just last month, REI announced it was taking over the old Borders Books store.
No word yet of what might go into the ex-Kroger space, although we’ve gotten a wish-list of merchants from our readers. Of course, neither what the public wants nor the developer matters that much. It’s all about what company wants to step up and make an investment in the space and the community.
But the sale of the Kroger site marks another milestone for the rehabilitation of the property.
I’m looking forward to something good going into that valuable and popular corner.