Westwood Leases 47K SF Space to Publix at Steele Creek Crossing; Northlake Mall Sold in $1.4B Portfolio

Los Angeles-based Westwood Financial Corp. (WFC) recently announced the opening of a Publix grocery store at Steele Creek Crossing, a 77,301-square-foot retail center fully owned by WFC.

By Eliza Theiss, Associate Editor

Steele Creek Crossing

Westwood Financial Corp. (WFC) recently announced the opening of a Publix grocery store at Steele Creek Crossing, a 77,301-sq.-ft. retail center fully owned by WFC.

Publix Super Markets has now brought the 12810 South Tryon Street retail center to full occupancy. Other tenants include Rite Aid, Little Ceasers, Five Guys Burgers and Fries, H&R Block and Nationwide Insurance.

The new 47,000-square-foot Publix location is one of the seven Bi-Lo stores Publix has taken over in Metro Charlotte. It is also the second former Bi-Lo store Publix has taken over in a Westwood-owned Charlotte retail center. The national grocery chain signed up as anchor tenant at WFC’s 78,890-square-foot Cherry Road Crossing in Rock Hill in September.

“With its existing tenant base and ideal location within the community, Steele Creek Crossing is an ideal match for one of our newest Publix locations in Charlotte,” Kim Reynolds, Publix media and community relations manager declared. The deal “only furthers the strong relationship we have with WFC,” she added.

The Los Angeles-based Westwood Financial has not disclosed the financial terms of the lease.

Northlake Mall

Charlotte’s retail market, currently hovering at around a 7 percent vacancy rate, has been doing great. Following the $31.5 million sale of Northlake Commons and the $8.2 million sale of Terraces at University Place, another prized Charlotte retail property changed hands recently. Northlake Mall, boasting a 1,071,000-sq.-ft. gross leasable area, was sold earlier this fall by developer Taubman Centers to Starwood Capital Group. The premier shopping center was part of a seven-property portfolio that fetched $1.4 billion. Opened in 2005, one of Charlotte’s premier malls is anchored by Dillard’s, Macy’s, Belk, Dick’s Sporting Goods and a 14-screen AMC theater. An additional 150 shops and restaurants are contained within Northlake Mall, including Anthropologie, H&M, Sephora, Apple, J. Crew and Banana Republic.

Click here to read our Q&A with Westwood Financial Corp. Senior Vice President of Asset Management Kenneth Loughran

Click here for further Charlotte market data

Image courtesy of Northlake Mall via Facebook and Westwood Financial