A local investment group represented by LCRE Partners has acquired the 22,800sf shopping center at 3609 South Blvd.
The shopping center was developed by Queen City, an audio/video and appliance retailer in the mid-1980’s, and has not been updated since. It sits adjacent to Scaleybark Station on the LYNX Blue Line in the Lower Southend area.
LCRE Partners will manage a renovation to improve the existing building and provide leasing & property management services. Opportunities are available starting at 1,600sf for lease to restaurant, retail and service tenants. Renovations will begin in April 2016.
Frank Scibelli, one of the partners, is excited about the potential for more restaurant and retail in the Lower Southend neighborhood. His company, FS Food Group, operates expanding concepts such as Midwood Smokehouse, which has signed a lease at Park Road Shopping Center; Yafo Kitchen, a new Mediterranean concept that is opening at Morrison Place in early 2016; and Smokeshack, that is opening in Matthews this year.
Davis Hahn, a broker at LCRE Partners, believes one of the challenges for retailers in the Southend submarket has been the lack of availability of retail space with an adequate amount of functional parking. 3609 South Blvd has an abundance of surface parking in front of the center, and has excellent visibility along South Boulevard. The renovation of the center should provide an attractive opportunity for expanding retailers and restaurants, as well as those displaced by new development in Southend.
The Lower Southend neighborhood is rapidly transitioning: Lidl, a popular German grocer, has announced plans to locate just north of 3609 South Blvd, on the recently sold “Radio Center” property at 3229 South Blvd; Pappas Properties is developing a large mixed-use center across the street from 3609 South Blvd at the SW corner of Clanton and South Blvd, to include Office, Hotel, Retail, Townhouse, and Apartment uses, as well as 2 parking decks for more than 2,000 cars; and Marsh / Aston Properties is under construction on a new Harris Teeter anchored retail center at Sedgefield and South Blvd.
Sandee Hansen at Yadkin Bank provided debt financing for the acquisition. John Maheras at Horack Talley provided legal counsel. Aaron Ligon and Davis Hahn at LCRE Partners are providing real estate services, and co-invested in the acquisition.
For leasing information, please contact Davis.Hahn@lcrepartners.com at 704-534-0116