WILMINGTON, N.C., June 18, 2015 /PRNewswire/ -- The Mayfaire Town Center and Mayfaire Community Center have been acquired by CBL & Associates Properties, Inc., a publicly traded real estate investment trust (REIT) based in Chattanooga, TN.
The sale, which closed June 18, is not expected to result in immediate changes that will be noticed by consumers. However, Hyman Brody, CEO of BrodyCo, Inc., who co-manages, along with Jeff Zimmer, the eastern N.C. investor group that developed Mayfaire, said that CBL is a well-known operator of upscale town centers and properties, and has the experience, contacts and capital to take Mayfaire to a new level.
Once a horse farm, Mayfaire Town Center and Mayfaire Community Center have become one of North Carolina's premier shopping and leisure destinations. "We've completed all but one phase in the development of Mayfaire and have accomplished what we set out to achieve," Brody said. "As successful as Mayfaire has been, we think it would benefit from fresh thinking and new ownership to take it to the next level. CBL was the right buyer at the right time. We believe the future of Mayfaire is bright."
"We are excited to add Mayfaire Town Center to the CBL portfolio," said Stephen D. Lebovitz, CBL's president and chief executive officer. "The Brody and Zimmer families have done a tremendous job of building Mayfaire into the preeminent retail destination in the three-county area. The mixed use complex has become a central part of the growing and dynamic Wilmington community. Customers visit for the great stores, restaurants, entertainment options and for the enjoyable experience. With our strong network of retail relationships, we see numerous opportunities to elevate this experience even further, delivering more of the premier brands and restaurants that residents and tourists have come to expect from the center. Mayfaire will also enjoy a synergistic relationship with our other assets in the Carolinas, primarily Friendly Center in Greensboro, NC, one of our most successful properties generating strong growth and consistent demand from high quality retailers, including the recently opened Lululemon store. We expect similar success from Mayfaire Town Center and are pleased to join the Wilmington community."
CBL is one of the largest shopping mall real estate investment trusts in the country, with more than 140 properties, including 90 malls and open-air centers. In addition to Friendly Center, N.C. developments include: Cross Creek Mall in Fayetteville, Cary Towne Center and Triangle Town Center in Raleigh. CBL knows the Southeast and has extensive contacts in the retail industry, Brody said.
The original Mayfaire ownership continues to believe in the Wilmington market and will focus on the existing Mayfaire office park and the 40 acres it recently purchased adjacent to Mayfaire. "We are extremely proud of Mayfaire, which has brought a new level of retail choice to the Wilmington market," Brody said. "We have a special team of associates that has helped make this project successful. Mayfaire has enjoyed good relationships with the city and county governments, and it has positively added to the tax and employment base without requesting any special incentives."
Mayfaire, the 400-acre mixed-use development, has been referred to as "the new downtown" and "the rising star of commerce" as this property continues to flourish after more than a decade since its inception. The property includes approximately one million square feet of retail including Belk's, Regal Cinemas, Dick's Sporting Goods, Barnes & Noble, J. Crew, Pottery Barn and Williams-Sonoma. The development also partnered with several leading developers to attract two hotels (Hilton Garden Inn and Homewood Suites), an office complex and over 700 residential units to the project.
Savills Studley, a New York-based investment capital markets group that specializes in real estate, represented the Seller on the transaction. Jerome R. Eatman of Lynch Eatman of Raleigh, N.C. completed the legal closing on behalf of the Seller.
Mayfaire Town Center is a result of the partnership of Hyman Brody and Robert Beller of BrodyCo, Inc., based in Greenville, NC, and Herbert, Alan, Arlene (Schreiber) and Jeffery Zimmer of the Wilmington, NC-based Zimmer Development Company.
CONTACT: Hyman Brody
252-353-2141 x 17
SOURCE BrodyCo, Inc.