Westwood acquires Trader Joe’s center
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Noting that necessity-based have proven to resistant to the pressures of online retailers, Westwood Co-CEO Randy Banchik announced his company’s acquisition of The Arbors at Mallard Creek in Charlotte. Purchase price was $25.1 million.
“This asset boasts a variety of internet resistant tenants, insulating it from factors such as the rise of online shopping,” Banchik said.
Located in the University City neighborhood, where average household incomes exceed $120,000, the 55,323-sq.-ft. center is anchored by Trader Joe’s and includes tenants Petco, Massage Envy, Hickory Tavern, and Zoe’s Kitchen.
“As one of the primary retail centers in Charlotte with the only Trader Joe’s in a 10-mile radius, the asset faces limited competition and will continue to perform extremely well over time,” said Westwood’s other chief executive, Joe Dykstra.
The center is four miles from the University of North Carolina and is in close proximity to the University Research Park.