Mayfaire Town Center is Coastal Carolina’s preeminent retail property and a true institutional quality asset.
Wilmington, NC (PRWEB) June 19, 2015
Savills Studley Capital Markets Group announces it has advised Brody Co. Inc. and Zimmer Development Company on the sale of Mayfaire Town Center and Community Center, a premier open-air shopping center located in affluent Wilmington, N.C., to CBL & Associates Properties, Inc. for $192 million cash. John Williams, corporate managing director, David Stewart, director and Gerard Mason, executive managing director represented the seller in the transaction.
“Mayfaire Town Center is Coastal Carolina’s preeminent retail property and a true institutional quality asset,” said Williams. “The partnership of BrodyCo and Zimmer Development, which initially developed the property, shared a vision to create a fully integrated mixed-use town center in Wilmington; its success speaks to the strength of the market and the quality of the development.”
Mayfaire Town Center is a 610,000-square-foot open-air center anchored by Belk and a 16-screen Regal Cinema, featuring an IMAX theater, as well as junior anchors, including The Fresh Market, Cost Plus/World Market, Pottery Barn, ULTA and Michael’s. The center offers leading retail brands, such as Chico’s, Francesca’s Collection, J. Crew, White House | Black Market and Williams Sonoma and restaurants, including Brixx Wood Fired Pizza, Chipotle and LongHorn Steakhouse. The acquisition also includes developable land accommodating up to 75,000 square feet of additional retail.
Mayfaire Community Center is a 210,000-square-foot center anchored by a high-performing Harris Teeter, Dick’s Sporting Goods, Marshalls and PetSmart as well as 48,000 square feet of retailer shops, including Panera Bread Co., New Balance, Five Guys Burgers & Fries and Verizon.
The center generates more than $200 million in sales annually with shop sales of $385 per square foot.
“The dynamic growth that’s been happening within the Carolinas coupled with Mayfaire’s institutional quality and size made this a highly attractive proposition for both parties,” said Stewart.
CBL is one of the largest shopping mall real estate investment trusts in the country, with more than 140 properties, including 90 malls and open-air centers. In addition to Friendly Center, N.C. developments include: Cross Creek Mall in Fayetteville, Cary Towne Center and Triangle Town Center in Raleigh.
About Savills Studley
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