The Shopping Center Group, one of the largest, privately owned, retail real estate advisory firms in the United States, with offices coast-to-coast;announces the repositioning of 25,000 squarefeet of retailspaceat East West Commons in Austell, Ga.VEREIT, Inc., which leases and manages the shopping center on behalf of Cole Capital®, worked closely with the leasing team led by Patrick Bentley, senior leasing advisor, The Shopping Center Group, todevelop a leasing strategy to transform a previously vacant storefront into prime retail and restaurant space that addresses the needs of the Austell consumer.
“We are converting a former, larger tenant space into two vibrant retail buildingsthat willre-energize a portion of the shopping center,” statesBentley. “As a result, this new developmentbecame attractive to several national tenants due toenhanced visibility and curb appeal along the East-West Connector.” Bentley worked in conjunction with the VEREIT® leasing team of Brett Sheets, senior vice president,and Greg Browne, vice president, on the repositioning.
“We saw a void in the market for highly visible, street-front retail and a gapthat would appeal to several national retailers and fast casual restaurants,” explainsSheets. “Because of the new opportunity presented, the redevelopment is already 65% leased before construction begins.” Demolition of the existing space is expected to begin this month.
With completion planned for the summer of 2017, the two-building redevelopment will feature a 4,300-square foot,freestandingPanera Bread with drive-thru accessibility. Another 10,000-square-foot building will feature Moe’s Southwest Grilland The Vitamin Shoppethat anticipate a fourth quarter 2017 opening. An additional 5,000 square feet is still available for complementary retail or dining options. These tenantsjoin T.J. Maxx, Bealls, OfficeMax, PetSmartand Party City at the 186,000-square foot shopping center. Target and Lowe’s, which are not owned by Cole Credit Property Trust IV, Inc., anchor the development.
“VEREIT and The Shopping Center Group worked together on this complex project that included various municipal and tenant approvals,” commentsBrowne. “We remained steadfast in our vision to bring additional dining and shopping amenities to this growing submarket.”
East West Commons is owned by Cole Credit Property Trust IV, Inc., a publicly registered, non-listed REIT sponsored by Cole Capital.
About The Shopping Center Group.
Founded in 1984, The Shopping Center Group, with 21 offices covering 16 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers "best in class" service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States and California. In 2015, The Shopping Center Group facilitated over 1,500 transactions totaling over $2 billion. The firm’s third-party portfolio includes exclusive leasing assignments for over 800 retail centers totaling over 60 million square feet and management agreements for over 11 million square feet of retail property. The firm also represents over 400 national and regional retailer and restaurant operators. For more information, visit theshoppingcentergroup.com.
