OAK BROOK, Ill.--(BUSINESS WIRE)--IRC Retail Centers Inc., a leading real estate company that owns and operates high quality, necessity and value-based retail centers in select markets within the Central and Southeastern United States, today announced that it has acquired Tanglewood Pavilions, a 158,000-square-foot shopping center located in the regional trade area of Elizabeth City, North Carolina. The 92-percent-leased center is anchored by Hobby Lobby, TJ Maxx, Ross Dress for Less and Dollar Tree, and shadow-anchored by a Walmart Supercenter. Tanglewood Pavilions was developed by a joint venture of IRC Retail Centers and Thompson Thrift Development, Inc. The joint venture broke ground on the development in October 2014 and completed construction less than one year later. Per the terms of the joint venture agreement, upon completion of construction and stabilization of the property, IRC Retail Centers acquired 100% ownership of the shopping center at a pre-negotiated purchase price.
“We are pleased to add to our portfolio the Tanglewood Pavilions shopping center, which serves a regional trade area with an outstanding line-up of national retailer anchors who have selected this center as their primary expansion location in the market,” said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. “The Tanglewood Pavilions acquisition represents continued execution of our strategy to acquire newly-developed, market-dominant shopping centers by partnering with established developers, and advances our ultimate goal of enhancing portfolio value.”
Tanglewood Pavilions has space available for lease to retailers who want to co-locate with best-of-class national anchor tenants at this brand new power center in northeastern North Carolina.
Located only 45 minutes south of Norfolk-Virginia Beach, Va., Elizabeth City is the gateway to the Outer Banks vacation area, the county seat of Pasquotank County and home to the largest U.S. Coast Guard base in the nation. Tanglewood Pavilions is located on the west side of Elizabeth City, adjacent to a new highway extension, in the heart of the newest retail trade area along the rapidly expanding Halstead Blvd. corridor. The center is a regional shopping destination, drawing from portions of the entire 16-county Albemarle region of northeastern North Carolina, constituting an actual trade area of approximately 194,000 consumers with average household incomes of more than $55,000.
Tanglewood Pavilions is IRC Retail Center’s second acquisition in North Carolina. The company’s development joint venture with MAB American Retail Partners, LLC, acquired Weaverville Plaza in Weaverville, North Carolina, and is redeveloping the center to add a new Publix grocery store and outlot.
About IRC Retail Centers
IRC Retail Centers Inc. is a real estate company focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central and Southeastern U.S. The company currently has an ownership interest in more than 130 properties totaling approximately 15 million square feet of leasable space. Its necessity and value-centered retail portfolio features properties that deliver the right combination of location, market position, and tenant mix to drive consumer traffic at its centers. Additional information on IRC Retail Centers is available at www.ircretailcenters.com. Follow us on Twitter at www.twitter.com/irc_retail. Connect with us via LinkedIn at https://www.linkedin.com/company/irc-retail-centers and Facebook at https://www.facebook.com/ircretailcenters. IRC Retail Centers is owned by funds managed by DRA Advisors LLC (DRA). DRA is a registered SEC investment advisor with $9.4 billion of assets under management, headquartered in New York with offices in San Francisco and Miami. Additional information on DRA Advisors LLC is available at www.draadvisors.com.
Forward Looking Statements
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