OAK BROOK, Ill.--(EON: Enhanced Online News)--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 approximately 16 acres of land in Gulf Breeze, Florida, for the development of Tiger Point Pavilion, a 66,000-square foot shopping center. The venture has executed leases with Publix for a 45,600-square-foot grocery store and a 1,400-square-foot Publix Liquors store to be constructed at the site. In addition to the new Publix stores, Tiger Point Pavilion will include three freestanding pad buildings with a combined 19,000 square feet of space available for lease to complementary retailers and service providers. Construction of the shopping center is expected to commence in the next few weeks and be completed in the first quarter of 2018.
“Our joint venture leverages the respective talent pools and relationships of IRC and MAB, to develop open-air shopping centers in the areas where retailers are seeking to grow market share.”
“The new Publix supermarket will benefit from its strategic location on U.S. 98, the main travel artery for full-time residents of the market area and five million overnight visitors annually to popular local beaches and other attractions,” said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. “We look forward to beginning construction on our fourth development for Publix in the southeastern United States.”
The Tiger Point Pavilion shopping center will be located 14 miles east of Pensacola at the intersection of U.S. Highway 98 and Tiger Park Lane, adjacent to a Lowe’s Home Improvement store and a Walmart Supercenter. Situated midway in the 18-mile gap between two existing Publix stores on U.S. 98, Tiger Point Pavilion will draw from an affluent 25,000-person market area, with average household incomes of more than $91,000 within a five-mile radius.
IRC and MAB also have partnered on the development of new Publix stores at the Shoppes at Rainbow Landing in Rainbow City, Alabama; Weaverville Plaza in Weaverville, North Carolina; and Midtown Mobile in Mobile, Alabama.
“IRC’s development joint venture with MAB continues to explore additional build-to-suit opportunities throughout the southeast region of the country,” said Carr. “Our joint venture leverages the respective talent pools and relationships of IRC and MAB, to develop open-air shopping centers in the areas 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 $9.3 billion of assets under management as of September 30, 2016, 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.