Elon Town Center was sold Oct. 30 by local EDG Properties, LLC to New Market Strategies, a firm of investors based out of Stuart, Florida.
As of early Tuesday evening, it was unknown the selling price of the building, which has an assessed value of more than $3 million, according to the Alamance County Tax Administration Records.
John McDonald, co-owner of EDG Properties LLC, said the decision to sell Elon Town Center came from a business opportunity in a currently popular market.
“Right now, there’s a lot of activity in the commercial real estate industry,” McDonald said. “Potential buyers are looking for multi-tenants and good tenants, which the Town Center has.”
Representatives at New Market Strategies could not be reached for comment by Tuesday evening.
The 24,000-square-foot, three-story building opened August 2011 and sits on North Williamson Avenue between West College Avenue and West Lebanon Avenue.
It houses local pizza restaurant Pandora’s Pies, Smitty’s Ice Cream and Barnes & Noble Bookstore, as well as offices for The Pendulum and Guy Carpenter, a business management consultant.
Despite the sale of Elon Town Center, EDG Properties, LLC will continue to oversee the construction of Park Place at Elon, a four-story building on West Haggard Avenue slated to house apartments and retail space. McDonald said construction on Park Place is moving along as planned and should be completed by June 2016.