IRC acquires N. Carolina retail center

Business Wire

OAK BROOK - IRC Retail Centers Inc. said it has acquired Tanglewood Pavilions, a 158,000-square-foot shopping center located in the regional trade area of Elizabeth City, North Carolina.

Terms of the acquisition were not announced.

The 92-percent-leased center is anchored by Hobby Lobby, TJ Maxx, Ross Dress for Less and Dollar Tree, and shadow-anchored by a Wal-Mart Supercenter. Tanglewood Pavilions was developed by a joint venture of IRC Retail Centers and Thompson Thrift Development, Inc. The joint venture broke ground on the development in October 2014 and completed construction less than one year later. Per the terms of the joint venture agreement, upon completion of construction and stabilization of the property, IRC Retail Centers acquired 100% ownership of the shopping center at a pre-negotiated purchase price.

"We are pleased to add to our portfolio the Tanglewood Pavilions shopping center, which serves a regional trade area with an outstanding lineup of national retailer anchors who have selected this center as their primary expansion location in the market," said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. "The Tanglewood Pavilions acquisition represents continued execution of our strategy to acquire newly-developed, market-dominant shopping centers by partnering with established developers, and advances our ultimate goal of enhancing portfolio value."

Tanglewood Pavilions has space available for lease to retailers who want to co-locate with best-of-class national anchor tenants at this new power center in northeastern North Carolina.