MONROE, North Carolina, March 15, 2022 /PRNewswire/ — Irgang Group has completed the acquisition of Poplin Place, a fully leased 196,462 square foot shopping center in this Charlotte suburb. Built in 2005, the center is hosted by TJ Maxx, Ross, Big Lots and Burlingtonand is anchored by a target that includes a full range of groceries and wines/alcohols.
In its third commercial property acquisition since September 2021, adding approximately 719,000 square feet of GLA to its portfolio, the Nyack, NYThe New York-based property investment and management firm purchased the 30.21-acre site from Big V Property Group. Ben BrunerChairman of Bruner Group, represented Irgang Group in the transaction, while Big V was represented by a retail team from JLL Capital Markets led by Senior Director Thomas KolarczykDanny Finkle, Senior Managing Director and Co-Head of US Retail Capital Markets, and Senior Director Eric Williams.
Poplin Place’s five anchors come with a range that includes PetSmart, Dollar General’s Popshelf concept, and Boot Barn, each occupying 10,000 square feet or more. Other national tenants include Rack Room Shoes, Bath & Body Works, Kay Jewelers, Spectrum Internet and newly signed Claire’s.
Located at 2901 W. Roosevelt Blvd. (US 74), Poplin Place is a 30 minute drive from Charlotte’s Downtown central business district. As a regional “live/work/play” corridor, US 74 delivers an average daily vehicle count of 37,500 to the site, which is located on the “return home” side of the road.
The property serves a market of 200,116 residents within a 10-mile radius, with an average household income of $108,575. Between 2021 and 2026, the market population is expected to grow by 9%.
“As we searched for acquisition opportunities in the Southeast, Poplin Place provided more than an exceptional tenant list and demographics,” said Irgang Group CEO. Marc Irgang. “We have also been impressed with the center’s ability to recover quickly from the wave of retail bankruptcies and downsizing in the 2018 to 2020 period. Big V has done a great job of repositioning the property with a stable mix of strong tenants well suited to this growing market.”
Indeed, in the space of 25 months, significant vacancies on the site have been filled by Burlington and Popshelf, which signed new leases totaling 42,000 square feet, taking up former space at Gander Mountain and Party City, respectively. Additionally, the former Dress Barn space in the center has been split to accommodate newcomers Bath & Body Works and Spectrum.
Meanwhile, existing anchors TJ Maxx, Ross and PetSmart completed long-term renewals for an additional 82,287 square feet. In total, these new leases and renewals now represent approximately 70% of Poplin Place’s total GLA.
“Additionally, underscoring its commitment to ownership, Big Lots previously renewed and expanded its Poplin Place footprint to 37,000 square feet by expanding into the former adjacent Pier 1 space,” Mr. Irgang noted.
With 3.38 million annual visits, Poplin Place ranks among the top 10 percentiles of malls nationwide, according to Placer.ai. Notably, the site’s Target is the chain’s only location within 15 miles and attracts more than 1.2 million visits annually.
“Poplin Place is an exceptional retail destination with exceptional fundamentals and highly productive retailers, spanning valuable merchandise, services, apparel and home furnishings,” said JLL’s Kolarczyk. “Irgang Group will benefit from stable, credit-quality cash flow and add an excellent asset to its growing portfolio.” Kolarczyk added.
Irgang Group, which previously focused on multi-unit and mixed-use residential properties in New York City, branched out into the suburban shopping business last year. The company started with the September 2021 acquisition of Main Street South Fulton, a 129,449 square foot neighborhood shopping center in the subway Atlanta. Kroger anchors the 100% occupied property, joined by other notable tenants such as Dollar Tree, Rainbow and Humana. This was followed by the purchase of Union Lake Crossing in Millville, New Jersey in November. The 393,000 square foot food center is anchored by Target and houses a mix led by a recently expanded and renovated Shop-Rite supermarket, Kohl’s, Ross, Staples and PetSmart.
“While carrying out several urban redevelopment projects in New York Citywe also continue to pursue other commercial real estate opportunities across the country,” Mr. Irgang said. “Our acquisition team is focused on well-established outdoor centers with a minimum of 100,000 square feet of gross leasable area.
Sellers or brokers with acquisition opportunities may contact Mr. Irgang at: [email protected]
Media contacts: At Jaffe Communications Bill Parness, [email protected](732) 673-6852, or Elisa Krantz, [email protected](908) 789-0700.
Note to media: Property photos are available from Jaffe Communications.
SOURCE Irgang Group