A Los Angeles-based retail center operator has bought the Arbors at Mallard Creek shopping center, anchored by a Trader Joe’s grocery store, for $25.1 million, the company said Monday.
Westwood Financial executives said the shopping center at the intersection of Mallard Creek Church Road and Senator Royall Drive was attractive because of the high average household income in the area – $120,727 in a one-mile radius – the proximity to University Research Park and the popular grocery anchor store.
“This retailer (Trader Joe’s) has created great customer loyalty, which we have experienced for many years in California,” said Joe Dykstra, Westwood’s co-CEO. “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.”
The 55,323 square-foot retail center is almost all occupied, with other tenants including Petco, Massage Envy, Hickory Tavern and Zoe’s Kitchen.
Westwood executives also said the center’s mix of tenants will hold up well against the onslaught of online retail, which is challenging many traditional retailers.
“As the retail landscape continues to evolve, daily needs centers have proven to be resilient to pressures facing traditional brick-and-mortar retailers,” said co-CEO Randy Banchik. “This asset boasts a variety of Internet-resistant tenants, insulating it from factors such as the rise of online shopping.
Brokers Mike Burkard and Casey Rosen at CBRE | National Retail Partners represented both parties in the deal.