Peters Development, LLC announces Jamestown, NC acquisition
Peters Development, LLC, a real estate development and investment company based in High Point, NC, announced the completion of its acquisition of Forestdale Plaza Shopping Center on July 8, 2021. The Food Lion-anchored shopping center is located at 108 W. Main Street, Jamestown, NC.
“This acquisition fits the strategy of our company, which is to steadily grow our existing portfolio with high-quality assets located in targeted growth markets, and then to improve those assets along the way, creating long-term value,” says Dr. Lenny Peters, CEO, and founder of Peters Development. “We are also very pleased to announce that Bethany Medical has leased a large portion of the center with construction to begin immediately on its medical space. The new Bethany Medical Jamestown location will be home to 5 medical providers and will offer primary care, urgent care, specialty care, and pain management services. Bethany Medical offers 15 healthcare specialties and sees over 1,000 patients a day through its doors across North Carolina. We are very proud that Bethany will soon be able to serve the residents of Jamestown,” according to Dr. Peters. The Jamestown location will become Bethany Medical’s 15th location in the area, including existing locations in Winston-Salem, Greensboro, High Point, Kernersville, Mt. Airy, and N. Wilkesboro.
While already a very stable center, Peters Development will continue to improve the shopping center in the coming months, including façade, signage, and parking lot improvements, as well as the construction of the new Bethany Medical location. “The continued growth of the area, along with the center’s positioning along W. Main Street in the heart of Jamestown made this a very desirable asset for us to acquire and hold for the long-term,” according to Elise Peters Carey, President of Peters Development.
“The strength of the grocer anchor, the center’s complimentary roster of local tenants, and the projected residential growth in the surrounding community were the attributes that got our team excited about the shopping center,” commented Dan Hill, VP and Director of Real Estate for Peters Development. “The pandemic underscored the importance of the grocery store in our lives. In an ever-evolving retail climate, we believe grocery-anchored centers will be the ones that thrive in our changing economic environment,” says Hill.
“Food Lion continues to show strength at this center and the remaining rent roll is complimented by food and service-oriented shop tenants that withstood the test of the COVID-19 pandemic. With Bethany Medical immediately taking a large portion of the vacancy, the center will soon be near 100% occupancy,” says Elise Peters Carey. “The shopping center is located in a market with substantial development scheduled to come online over the coming years and an area poised for residential growth in the near to mid-term,” says Carey.
“This center offers multiple access points, including signalized access, high visibility, and exceptional signage for the tenants,” according to Dan Hill. “We have the utmost confidence in Food Lion as an anchor tenant. They offer a consistent shopping experience that resonates across a diverse customer base and the value they offer shoppers will help grow their consumer base and bring more visitors to our new center” says Hill.
Peters Development is a wholly-owned subsidiary of Peters Holdings, LLC which was founded by Dr. Lenny Peters and is operated by Dr. Peters, CEO, and also Elise Peters Carey, who serves as President of both entities. Peters Holdings is the parent company of multiple subsidiaries operating within the healthcare, lab services, financial services, and commercial real estate industries. Daily operations of Peters Development are headed by Dan Hill, Vice President and Director of Real Estate.