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Silas Creek Crossing shopping center sold for $24.2 million to NY group

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Silas Creek Crossing

Silas Creek Crossing shopping center has been sold in two tracts to affiliates of DLC Management Corp. of Elmsford, N.Y.

The buyer of Silas Creek Crossing in Winston-Salem said Tuesday the combination of popular anchor tenants and being an open-air shopping center made it an enticing property to buy in the midst of a challenging retail environment.

The 23.11-acre property at 3200 Silas Creek Parkway was sold in two tracts to affiliates of DLC Management Corp. of Elmsford, N.Y., according to Forsyth County Register of Deeds filings Monday.

The sellers were affiliates of Zaremba Group of Cleveland, Ohio.

The 209,120-square-foot shopping center debuted in 1989 across from Hanes Mall. It is anchored currently by Burlington and Marshalls retail stores.

DLC chief operating officer Chris Ressa said Jo Ann Fabrics is slated to move from its Stratford Road location into the former 27,588-square-foot A.C. Moore Arts & Crafts property by October.

“You should begin to see changes to the property by the end of 2022, early 2023,” Ressa said.

A marketing flier by The Shopping Center Group lists 11 of 54 storefronts as available, as well as one of two outparcels that is a former Bank OZK branch. Those vacancies represent a combined 23,134 square feet.

Silas Creek Crossing is DLC’s only shopping center property in the Triad and second overall in North Carolina counting the Tower property in Raleigh, although Ressa said DLC had previous properties in the state.

Ressa said Silas Creek Crossing represents a good fit for DLC’s focus on open-air shopping centers located in areas with solid foot traffic and promising socioeconomic trends.

“We buy it to own it and operate it,” Ressa said. “We have our own construction, property managers, and our goal is to add value to assets.

Ressa said the Triad and North Carolina is in a geographic sweet spot for DLC between satellite offices in Washington, D.C., and Atlanta.

“Silas Creek Crossing is an excellent retail property in a prime location with a healthy mix of national retailers and locally owned shops and restaurants,” said Laura Lee, senior vice president of economic development for Greater Winston-Salem Inc.

“We are pleased to see this investment into commercial real estate in our county, as it signifies the value of locating and expanding here.”

Richard Craver: 6 stories that defined 2021

COVID-19 and politics, whether local, state or national, spilled over from 2020 to saturate much of how 2021 has been defined.

The second impeachment trial of former President Donald Trump led to an intriguing split vote of North Carolina's two Republican U.S. senators on whether to convict.

The arrival of the one-year anniversary of the pandemic proved to stir an array of emotions as local residents tried to process everything that’s happened by mid-March 2020 ... and continues to date.

The socioeconomic spillover from COVID-19 persuaded two Winston-Salem nondenominational churches to chose transformation over construction for their new worship centers.

Politics seeped into how high school sports are overseen with a Republican-sponsored bill that threatened the existence of the N.C. High School Athletic Association. The spark behind House Bill 91 appears to have been a slow burn of nearly two years between a GOP senator and NCHSAA leaders.

An often overlooked factor in the worker-shortage discussion is that the pandemic has led more North Carolinians to retire early, or to finally follow through on delayed retirement plans dating back potentially to the Great Recession.

Finally, Truist Financial Corp. Kelly King retired as chief executive by reflecting on a career — and life — path that represented his Christian faith, a hard-driven work ethic, a belief in giving back and discovering and acting on a purpose forged during a spiritual awakening.

Those are major reasons why King, who could spend his retirement days anywhere, is coming back to Winston-Salem. There’s some unfinished business to accomplish here.




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