National Retail Tenants Announced at New Wegmans-Anchored Mixed-Use Development in Wake Forest, NC

Wake Forest, NC — December 7, 2022 — Stiles, a leading commercial real estate development firm founded in 1951, announced the signing of seven (7) tenants for the first phase of retail being developed at Grove Ninety-Eight; a mixed-use development located in the North Raleigh submarket of Wake Forest, N.C. Situated east of Capital Boulevard along Highway 98 at the newly constructed Ligon Mill Road intersection, Grove Ninety-Eight is anchored by a 100,000-square-foot Wegmans, and will feature an additional 80,000 square feet of retail, a 232-unit luxury apartment community, and 395 "for sale" residential units.

Phase I tenants include Black Rifle Coffee Company, Torchy's Tacos, CAVA, Sleep Number, Deca Dental, and One Medical, bringing the projected Phase I occupancy at delivery to nearly 100%, with the final remaining space in lease negotiation. Phase 1, which is currently under construction, is scheduled to deliver at the beginning of Q2 2023. Phase 2 will break ground in Q1 2023 and deliver in Q4 2023.

"The level of interest in Grove Ninety-Eight from quality retailers, restaurants, and service providers has been remarkable, and is a testament to the growing appeal of Wake Forest," said Justin Siemens, President of Stiles Carolinas. "Phase I is 100% leased and Phase 2, which is considerably larger, is nearly all but spoken for already. We very much look forward to announcing the balance of the tenant line-up in the coming months and delivering all phases of this development for both the community and the region to enjoy."

The retail phases at Grove Ninety-Eight will feature over 5,000 square feet of patio areas for outdoor dining, multi-use paths connecting the retail to the residential components of the project, a shared open-air amenity for community gathering, and a to-be-announced junior anchor. Ross Diachenko, James Mattox and Julie Augustyn of Foundry Commercial are marketing the retail portion of the project for lease. Little Diversified Architects is the architect. Omega Construction is the general contractor.

The 232-unit luxury apartment community, which commenced construction earlier this year, will feature top-of-market, resort-style indoor and outdoor amenities that cater to young professionals, empty nesters, and families. The community will offer spacious one-, two- and three-bedroom apartment homes with high-end finishes such as quartz countertops, stainless steel appliances, luxury vinyl plank flooring, solid wood shaker cabinetry, modern fixtures, smart technology, and 1GB Wi-Fi service. First occupancy for residents is expected in late Summer 2023.

About Stiles
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, real estate brokerage services, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, FL, Stiles maintains a regional office in Charlotte, North Carolina as well as satellite offices throughout Florida and in Nashville, Tennessee. Stiles is responsible for more than 52 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.

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