Net Properties Management Inc. has acquired four strip shopping centers in North Carolina on behalf of the $2 billion New England Teamsters and Trucking Industry Pension Fund, Boston.
The purchase price was $59.5 million, said Thomas Prendergast, president and chief executive officer of Net Properties.
"We have identified this area of the country as a region with tremendous population and business growth potential," said Mr. Prendergast.
The shopping centers are located in the communities of Charlotte, Kemersville, Raleigh and Wilmington. The average occupancy is 93%, he said.
Net Properties plans additional purchases of strip centers that are anchored by supermarkets and discount department stores, according to Mr. Prendergast. Strip centers are less risky than other retail properties, and the discount segment is attractive to the pension fund because of its growth potential.
Net Properties manages more than $400 million of real estate in the eastern United States for the pension fund.
The New England Teamsters pension fund formed Net Properties in 1970.