Apr
15

Elizabeth City Shopping Center Sold

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Tanglewood PavilionsIRC Retail Centers Inc. has announced that it has acquired Tanglewood Pavilions, a 158,000-square-foot shopping center located in the regional trade area of Elizabeth City, North Carolina. The 92-percent-leased center is anchored by Hobby Lobby, TJ Maxx, Ross Dress for Less and Dollar Tree, and is shadow-anchored by a Walmart 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.

Located only 45 minutes south of Norfolk-Virginia Beach, Va., Elizabeth City is the gateway to the Outer Banks vacation area, the county seat of Pasquotank County and home to the largest U.S. Coast Guard base in the nation. The center is a regional shopping destination, drawing from portions of the entire 16-county Albemarle region of northeastern North Carolina, constituting an actual trade area of approximately 194,000 consumers with average household incomes of more than $55,000.

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