NEW YORK, NY, Jan. 23, 2012 - PCCP, LLC announced today it has provided a $16 million senior loan to recapitalize University Mall (top left photo) in Chapel Hill, NC on behalf of the owner, Madison Marquette, a retail real estate investor and operator.
Built in 1973 and renovated in 2008, University Mall is a 367,623 square foot enclosed shopping mall on 39.5 acres. The center is approximately 89 percent leased and anchored by Dillard’s, Rose’s, Harris Teeter, and A Southern Season.
Madison Marquette purchased the mall in 2007 and has since invested approximately $3.4 million in interior and exterior renovations as part of its repositioning strategy for the asset.
The business plan is to undertake a series of physical, merchandising and programming enhancements intended to position the center as Chapel Hill’s primary shopping and entertainment destination, a focal point of community and cultural activity, and a venue that reflects the unique character of this highly educated community.
Recent leasing activity will provide for the $9 million expansion and conversion of an existing Harris Teeter Supermarket into the grocer’s flagship store concept, and the addition of the Chapel Hill Library.
“Madison Marquette is a premier national real estate investment and operating company that specializes in the development, redevelopment and repositioning of retail and mixed use properties,” said John Randall (top right photo), senior vice president with PCCP, LLC.
In addition to PCCP’s senior loan, Jay Lask (middle left photo), managing director of Madison Marquette, has indicated the company plans to invest another $7.5 million in capital to continue to execute its repositioning and value enhancement strategy.
Says Lask: “University Mall benefits from serving a community with high barriers to entry, a recession resistant economy and a large daytime employment base.
"Additionally, its resident population, that ranks among the most highly educated in the country, has a high level of disposable income and a very strong desire to spend locally.”
University Mall is well situated at the intersection of Route 15/501 (North Fordham Blvd.) and South Estes Drive. Route 15/501 is a major thoroughfare and provides direct access to Durham, NC to the northeast and Pittsboro to the south.
Mark Remington and Jordan Lex of HFF arranged the financing.
Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
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