Charlotte-area regional shopping destination sells
JLL Capital Markets closed the sale of the fully leased Poplin Place retail center in Monroe, North Carolina, to a New York-based investor
CHARLOTTE, March 15, 2022 – JLL Capital Markets announced today that it has closed the sale of Poplin Place, a fully leased, 196,462-square-foot regional shopping center with a premier anchor tenant lineup in the Charlotte area community of Monroe, North Carolina.
JLL marketed the property on behalf of the seller, Big V Property Group. New York-based Irgang Group acquired the asset.
With several recent key renewals and new leases executed, Poplin Place is fully occupied by a best-in-class anchor tenant lineup that includes T.J. Maxx, Ross Dress for Less, PetSmart, Burlington, Big Lots! and pOpshelf, along with a Target shadow anchor. Additionally, with 3.38 million annual visits, the center is ranked within the top 10 percentile for shopping centers nationally.
Positioned on 30.21 acres at 2901 W US Highway 74, is Poplin Place is on the “going home” side of US 74 in Monroe, a suburban Charlotte community about half an hour from Uptown that is expected to grow its population by 12 percent over the next five years. The center is in a highly sought-after retail submarket and serves a population of more than 200,000 people within a 10-mile radius with an estimated buying power of $7.28 billion.
The JLL Retail team representing the seller was led by Senior Director Thomas Kolarczyk, Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Senior Director Eric Williams. Benjamin Bruner of Bruner Group represented the buyer.
“Poplin Place is an outstanding retail destination with exceptional fundamentals and highly productive retailers, spanning value merchandise, services, apparel and home furnishings,” Kolarczyk said. “Big V Property Group did a tremendous job repositioning the property with a vibrant tenant lineup that serves the community.”
“Irgang Group will benefit from stable, credit-quality cash flow and adds an excellent asset to their growing portfolio,” Kolarczyk added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Big V Property Group
Big V Property Group (BVPG) is a vertically integrated shopping center investment management and property management company, with comprehensive services including leasing, on-site property management, construction management, finance/accounting and marketing. Utilizing state of the art technical platforms, the company has an excellent track record of providing quality property management and construction management services for over 40 years. The management team prides themselves on their attention to detail and expertise in this space and on providing a best-in-class experience for their key constituencies: tenants, shopping center owners and shopping center customers. BVPG owns and operate 48 open-air shopping centers totaling over 9 million square feet, primarily the southeastern U.S. For more information, visit bigv.com.
About Irgang Group
With more than 40 years of experience in the acquisition, management and redevelopment of multi-family, commercial and mixed-use properties in New York City, Irgang Group is greatly broadening its scope to include the acquisition and ongoing management of shopping centers nationwide, focusing on strategically located open-air properties with 100,000 to 500,000 square feet of gross leasable area.