OAK BROOK, Ill.--(BUSINESS WIRE)--IRC Retail Centers (IRC), 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 its joint venture with MAB American Retail Partners, LLC, (MAB) has acquired 10 acres of land in the urban center of Mobile, Ala., for the development of Midtown Mobile, a 62,403-square-foot shopping center. The venture has signed a lease with Publix to build a 39,203-square-foot grocery store with pharmacy drive-thru at the center, which will also include 23,200 square feet of shop space located on five freestanding building pads. The joint venture expects to begin construction in November and complete construction in the fall of 2017.
The Midtown Mobile shopping center will be well-located in the popular Midtown neighborhood of Mobile, at the northeast corner of Old Shell Road and N. Florida Street. Old Shell Road is a primary east/west commuter route connecting Midtown and the Spring Hill area to downtown Mobile. The Mobile central business district, the Medical District, the Bel Air Mall District, and other activities/employment centers are all within a five-minute drive of the center.
“The new Publix at the Midtown Mobile shopping center will provide a high-quality grocery option to shoppers in a trade area that currently suffers from a lack of supermarket choices,” said Scott Carr, executive vice president and chief investor officer for IRC Retail Centers. “The Publix store format will be customized specifically for this densely-populated urban location, to better serve the local customer base and accommodate anticipated high levels of shopper traffic. We expect this infill location and the traffic generated by Publix to attract a unique mix of retailers reflective of the character of the Midtown neighborhood.”
The Midtown neighborhood is a favorite urban living area for young professionals, due to its proximity to downtown, diverse demographics and prominent schools. The Midtown Mobile shopping center will draw from a residential base of more than 76,000 within a three-mile radius, and a daytime population of more than 53,000 people who work in Midtown area.
Mobile is a Gulf Coast city of 190,000 people and the center of the manufacturing, shipping, finance, health care, tourism and retailing industries in Southwest Alabama and Southeast Mississippi. The Mobile metropolitan statistical area (MSA) is the third largest in Alabama with 418,000 people.
IRC and MAB have partnered on two other Publix-anchored retail projects located in Alabama and North Carolina to date, and are focused on pursuing additional development opportunities for market-leading grocers expanding in the southeast region of the U.S. The IRC-MAB joint venture leverages the respective talent pools and relationships of both companies to develop grocery-anchored shopping centers in the Southeastern states where retailers are seeking to grow market share.
About IRC Retail Centers
IRC Retail Centers LLC 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 and connect with us via LinkedIn and Facebook. 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.
About MAB American Retail Partners
MAB American Retail Partners, LLC, is a U.S.-based affiliate of MAB Corporation, a privately owned property development company and fund manager that has completed more than $2 billion in projects, including retail, office, multi-family and industrial, at locations throughout Australia, New Zealand and the United States.
