Stiles, a 75-year-old real estate development firm based in the Southeast United States, announced the sale of the second phase of the retail component at Grove 98, the last remaining multi-tenant retail portion of the Wegmans-anchored Grove 98 mixed-use development in Wake Forest, North Carolina. Stiles completed development of the center in late 2024. The 24,281-square-foot Phase 2 was sold to an institutional client of L&B Advisors.

The sale follows the successful lease-up of Phase 2 earlier this year, reflecting strong tenant demand and investor interest in high-quality, grocery-anchored retail within the fast-growing Wake Forest community.

The Phase 2 tenant lineup includes a mix of nationally recognized and experiential brands, including Dave’s Hot Chicken, Chopt Creative Salad Co, Five Guys, Piada Italian Street Food, BIBIBOP Asian Grill, VIO Med Spa, Summer Moon Coffee, Sweathouz, and SEN Nail Spa. Outback Steakhouse, which is currently under construction, and O2 Fitness, which was sold previously in 2023, were not a part of the sale.

The Phase 1 multi-tenant retail was sold in 2024 and is home to popular brands such as Torchy’s Tacos, CAVA, Sleep Number, Ideal Dental, One Medical, and Nothing Bundt Cakes. Whataburger, which was not a part of the Phase I sale, is currently under construction.

“This transaction underscores the strength of the Grove 98 project and the continued appetite from institutional capital for well-located, fully leased retail,” said Justin Siemens, President of Stiles Carolinas. “The successful lease-up validates our long-term vision to create a walkable, energized destination and reflects our continued commitment to the growing Wake Forest community.”

Strategically located along Highway 98 just east of Capital Boulevard (U.S. 1), Grove 98 is situated on 95-acres and features a 105,000 square foot Wegmans, approximately 80,000 square feet of retail, the 232-unit Lindley at Grove 98 Apartments, and 395 townhome units.

Stiles Property Management will continue to manage the retail portion of Grove 98.