Project Profiles
The Neighborhoods at Butler
Location: Gainesville, Fla.
Size: 2.1 million sq. ft. (1.75 million sq. ft. with an additional 350,000 sq. ft. under development)
Developer/Owner: Butler Enterprises
Grocery anchor: Publix (West), Publix (Central), Trader Joe’s, Aldi, plus sizeable food components in Walmart, Sam’s Club and Target. Adding Whole Foods to anchor Butler Town Center (under construction with a planned opening winter 2018).
Key tenants: (Plaza) Target, Best Buy, Ross, Michaels, Joann Fabrics, PetSmart; (North) Dick’s Sporting Goods, Walmart, Sam’s Club, Lowe’s, Ashley Home Store, Total Wine, Marshalls; (Town Center) Regal Cinemas, PF Chang’s (opening 2018), Stengel Field Food Hall (opening 2018), The Residences & Terraces of Butler (apartments-opening 2018); plus the 46 restaurants and fast-food eateries throughout the project which function as a major, traffic-driving anchor.
Construction status: Butler Plaza open and operating since 1975, Butler North (98% leased) open and operating since 2016, Butler Town Center-under construction for rolling opening to begin January 2018.
The Neighborhoods of Butler are unique in four key areas:
1. The primary food consolidation in the greater Gainesville market is all in one area, which is able to support several supermarkets due to the regionality of the center. Outside of Gainesville, shoppers have to travel over an hour for the nearest Trader Joe’s, Aldi or Publix.
2. The grocery demand is partially driven by 50,000 University of Florida students who alone spend $216 million on food and groceries annually.
3. Now under development, Butler Town Center will be the first of its kind in the region, bringing the first Whole Foods and the first chef-curated food hall in a 15-plus county area in North Central Florida.
4. The property this project has built on over the last 42 years was once a fully operational air strip called Stengel Air Field, made famous by the planes that were built there and the pilots who made history with them. In the Town Center, this history will be brought to life in the imagery, architectural details, and even an actual plane that will hang extended from the ceiling of Stengel Field Food Hall.
Georgesville Square
Location: Columbus, Ohio
Size: 270,045 sq. ft. of gross leasable area
Owner: Phillips Edison & Company
Grocery anchor: Kroger
Key tenants: Lowe’s, Great Clips, GNC and Wendy’s
The center is approximately 11 miles from downtown Columbus and The Ohio State University.
Georgesville Square is one of the highest performing community center assets in the Columbus area.
It benefits from over 100,000 vehicles a day being located off of I-270 and Georgesville Road.
It is currently 94% occupied with national tenants such as Lowe’s, Great Clips, GNC, Miracle Ear, H&R Block, Men’s Wearhouse, AT&T, Arby’s, Wendy’s, O’Charley’s, and Dairy Queen.
The center has great frontal visibility.
Kroger is undergoing a multimillion-dollar renovation and small expansion adding Click-List, Starbucks, remodeling the façade, and updating the interior. Lowe’s made upgrades to the store just prior to Phillips Edison & Company acquiring the center.
Boston Commons
Location: Springfield, Mass.
Owner: Cole Credit Property Trust IV
Grocery anchor: 5 Star Supermarket
Key tenants: In initial discussions with retailers on a plus/minus 8,000 sq. ft. outparcel for new development
Construction status: Complete, future outparcel development in consideration
Specialty grocers are gaining market share as consumers seek out different options to support their goals in buying healthy foods that are quick and convenient, shopping at local or regionally-based stores with a neighborhood feel, or finding especially cost-effective options. 5 Star Supermarket is a regional grocer with one other location in Hartford, Conn., specializing in the sale of traditional Asian and ethnic grocery items including produce, meat, fish, bakery and prepared foods. This retailer made significant modifications to the space including the addition of an expanded kitchen facility to support its prepared foods offering. The availability of convenient, but “home-cooked,” fare in combination with its specialty items aligns 5 Star Supermarket with an underserved demographic in the Springfield area. The addition of this tenant will increase daily traffic to the shopping center which benefits the existing tenants.