RALEIGH, NC—An h.h. gregg building across from Crossroads Plaza, one of the leading regional power centers in the Triangle area, has sold for $3.7 million. Meeting Street HHG LLC, a Wilmington, NC-based investor group purchased the retail asset.

Drew Logan and David Allen of The Shopping Center Group represented the buyer. Logan tells GlobeSt.com the trade area has strong retail sales that are above average for most of the boxes and the restaurants.

“H.h. gregg was paying an under market rent for the trade area,” Logan says. “Due to the current state of the electronics category, the cap rate was affected by the credit and the concern about the industry versus the real estate. Long term, this is a real estate play for the buyer as we believe the site will only improve. If the tenant decides to leave, backfilling it at higher rents will be easily achievable.”