Peters Development buys Eastchester Shopping Center for $9.45 million


See Correction/Clarification at end of article

Peters Development has added to its holdings in a familiar area.

The High Point-based company, founded by gastroenterologist/businessman Lenny Peters, bought Eastchester Shopping Center for $9.45 million in a deal that was recorded Thursday in Guilford County. The seller was Versa Real Estate of Royal Oak, Michigan.

The 63,822-square-foot mall on 6 acres is located at 274 Eastchester Drive in High Point, between North Main and Johnson streets in a busy commercial corridor. According to Avison Young, which had listed the property, the mall was 100{85e7f5b37d2b3b32ff943ebdbb52de90edc4132ca8c2134f6732351e5442126f} occupied with Office Depot (NASDAQ: ODP), Hooters (NASDAQ: BURG), Dollar Tree (NASDAQ: DLTR) and Dunkin’ (NYSE: DNKN) among the largest of more than a dozen tenants. An approximate 26,000 motorists per day travel past the location.

The first four buildings were built in 1987, the Dunkin’ location was built in 2005. The shopping center last sold for $6.25 million in July 2015. Guilford County records list the total taxable value at $6.54 million.

“As real estate fundamentals rebound after the initial impact of COVID19, we continue to see acquisition opportunities for high-quality shopping centers such as this one that serve as primary retail destinations within the High Point area,” said Peters. “We have made significant investments over the last three years in our local market because we believe in the continued growth and vibrancy of the City of High Point.”

Eastchester Shopping Center is just across the street from High Point Mall, which is anchored by Harris Teeter (NYSE: KR) with TJ Maxx (NYSE: TJX), Ross (NASDAQ: ROST), Staples and PetSmart. Kay Jewelers, Omega Sports and Carolina’s Diner are on outparcel across the street.

As Triad Business Journal reported in December, Peters Development has purchased an almost full block in downtown High Point, where it plans Peters Crest, a five-story, 100,000 SF, mixed-use structure with rooftop views of Truist Point baseball stadium and the High Point skyline.

Eastchester is the third High Point shopping center Peters has purchased in the past six months. The earlier acquisitions were 801-819 N. Main and Fairfield Square at 2831 S. Main.

Construction is underway on a new headquarters building for Peters’ Bethany Medical Center on North Main. Peters is also in partnership with Elliott Sidewalk Communities on 275 N. Elm, the first building in Elliott’s planned six-building The Outfield development. Peters’ Bethany Medical multi-specialty group has 10 Triad locations, including two in High Point.

Though retail has struggled during the Covid-19 pandemic, well-located shopping centers have appreciated in the Triad, evidenced by the $23.5 million sale of High Point Center in December.


Updated with quote from buyer.