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| The Arbors at Mallard Creek Shopping Center, Charlotte, NC |
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| Joe Dykstra |
Charlotte, NC (June 26,
2017) – Westwood Financial LLC, a Los Angeles-based owner-operator of
high-quality shopping centers with a portfolio totaling over $1.5 billion
throughout the U.S., has acquired The
Arbors at Mallard Creek, a 55,323 square-foot, Trader Joe’s-anchored
neighborhood center in Charlotte, North Carolina for $25.1 million.
“Trader Joe’s is one of
the strongest and fastest growing specialty grocers in the nation today,
outperforming other fresh format and traditional grocery stores in sales per
square foot,” says Joe Dykstra,
Co-CEO of Westwood Financial.
“This retailer has created
great customer loyalty, which we have experienced for many years in California,
while differentiating itself by delivering a unique shopping experience and
quality at a reasonable price point because 80 percent of its store merchandise
consists of proprietary brands.
“With 464 stores in highly
educated and affluent locations throughout the U.S., Trader Joe’s is a strong
anchor-tenant at neighborhood centers such as The Arbors.”
98 percent occupied at
acquisition, the center boasts a high-quality tenant mix of 19 national and
regional specialty retailers, including Petco and Massage Envy, as well as
restaurants such as Hickory Tavern, Zoë’s Kitchen, and more.
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| Randy Banchik |
“This center has commanded
historically high renewal rates and strong leases with scheduled rental
increases, providing stable cash flow and upside potential,” continues Dykstra.
“As one of the primary retail centers in Charlotte with the only Trader Joe’s
in a 10-mile radius, the asset faces limited competition and will continue to
perform extremely well over time.”
Located in the University
City neighborhood of Charlotte, home to over 20 Fortune 500 companies, The
Arbors at Mallard Creek serves a highly educated and affluent community.
The
average household income in a one-mile radius is $120,727, and population
growth is projected to increase 2.24% over the next four years.
“Charlotte has emerged as
a financial powerhouse and currently ranks as the second largest financial
center in the country,” explains Co-CEO Randy
Banchik. “The market has demonstrated rapid growth and strong employment
gains across all sectors, especially in the financial industry. Based on these
fundamentals, this retail center is well-positioned to cater to local
businesses and nearly 90,000 employees within a five-mile radius.”
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| Casey Rosen |
Banchik notes that the
property is located in close proximity to the University Research Park, and
about four miles away from the University of North Carolina, Charlotte, serving
as the primary daily needs center for employees and students throughout the
area.
The region’s highly educated and affluent demographic translates to
enormous consumer buying power and will continue to drive strong demand for
this retail asset, according to Banchik.
Grocery-anchored,
necessity retail centers in densely populated areas are enjoying high demand
and resiliency in the midst of the evolving retail landscape, according to
Banchik.
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| Mike Burkard |
“This asset boasts a variety of internet resistant tenants, insulating it from factors such as the rise of online shopping. Overall, this acquisition is well-aligned with our strategy of targeting daily needs centers with high-quality tenants that can cater to the demands of today’s consumers.”
The Arbors at Mallard
Creek is located at 2121 E. Arbors Drive in Charlotte, North Carolina. The
property is situated at the intersection of Mallard Creek Church Road and
Senator Royall Drive, a mile away from the I-85 freeway, and is visible to
43,000 vehicles per day.
Mike Burkard and Casey Rosen at CBRE | National Retail Partners represented both
the buyer and seller in this transaction.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos / Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
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