Peters buys N. Main shopping center

Pat Kimbrough, The High Point Enterprise, N.C.
·2 min read

Apr. 3—HIGH POINT — Peters Development has added another shopping center to its holdings of prominent High Point retail sites.

The company on Wednesday acquired 2100 N. Main St., a 22,482-square-foot commercial space at the intersection with Eastchester Drive that's anchored by Rome Pizza and Beauty World.

The purchase price was $3.45 million. The seller was Mainchester Partners LLC of Mooresville. Dr. Lenny Peters, CEO of Peters Development, announced that the property will continue to operate as a retail center, and his company sees it as a long-term investment.

"Our company seized on the opportunity to own one of the premier locations in the Triad," Peters said. "Given its excellent location and diverse tenant mix, this center was a very attractive investment to add to our growing portfolio."

The property doesn't have an official name but is sometimes referred to as Mainchester Shopping Center, said Dan Hill, director of real estate for Peters Development.

The purchase does not include the Mattress Firm store next to the shopping center.

Elise Peters Carey, president of the company, said the property is "essentially at the retail epicenter of High Point."

"Had this property hit the open market, we feel competition from other buyers would have been quite strong, so we were excited to strike this deal before that could happen," she said. "The shopping center was recently completely renovated, with substantial improvements to the tenant spaces, structure, facade, parking lot and signage. The recent redevelopment, along with the center's positioning along N. Main Street and Eastchester Drive, make this a property that we are proud to own for the long term."

Hill said the center is fully occupied and has multiple access points, as well as prominent visibility at one of the Triad's busiest intersections — all of which made it an attractive acquisition.

This is the fourth shopping center that Peters Development has purchased within the last nine months in High Point.

The others are at 801-819 N. Main St., 2831 S. Main St. and 274 Eastchester Drive, which are being rebranded as Peters Plaza II, III and IV, respectively.

Hill said the company is evaluating signage and branding for the Mainchester property but hasn't announced any changes.

pkimbrough@hpenews.com — 336-888-3531