The Eastgate Crossing shopping center in Chapel Hill recently changed ownership, the latest in a recent series of shopping malls in the area to do so.

A report from the News & Observer on Friday shares Federal Realty Investment Trust sold Eastgate Crossing, which is located off East Franklin Street, in December. The move was part of a $170 million deal including two other shopping centers located in Florida and Washington D.C., with the Maryland-based realty company saying the properties were not part of its “future growth plans.”

According to the report, a company associated with the Kite Realty Group purchased Eastgate Crossing. The real estate investment company, which is headquartered in Indiana, has seven other North Carolina shopping centers in its national portfolio.

Eastgate Crossing sits squarely in the Town of Chapel Hill’s Blue Hill District, a form-based code district where the local government has encouraged retail and development in recent years. Home to both local businesses and larger chains like Trader Joe’s, Chipotle and Petco, the shopping center becomes the fourth in Chapel Hill to change ownership within a decade. The Village Plaza, Ram’s Plaza and Elliott Square shopping centers between East Franklin Street and Fordham Boulevard have all been sold to new ownership groups and seen renovation since 2013.

In addition to its businesses, Eastgate Crossing is known for its proximity to Booker Creek, which has a propensity for flooding. The Town of Chapel Hill is currently installing a storage basin near the shopping center, with the goal of improving stormwater retention to reduce severe flooding. The project, which broke ground in May, will give the area by the creek more volume to hold water and will also be included in Chapel Hill’s trail system.

Eastgate Crossing saw severe flooding in 2018 after Hurricane Florence swept through the region. The Town of Chapel Hill has since begun a stormwater basin project on the nearby Booker Creek in hopes to limit such flooding. (Photo via the Town of Chapel Hill.)

 

Photo via Federal Realty Investment Trust.

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