Midland Atlantic Announces Sale of Renaissance Center
Award Winning Center sold to Chattanooga, TN-based REIT
Durham, NC -- Cincinnati based Midland Atlantic announces the sale of Renaissance Center to CBL & Associates in partnership with Teachers Retirement System of the State of Illinois. The property sold for $90,000,000.
Midland Atlantic developed the project from land acquisition through design and construction. Development began in 2004 and was completed last year. Midland Atlantic was in partnership with Starmount Company which assisted in leasing and managed the property.
Renaissance Center recently won the Triangle Business Journal's award for Best Mixed-Use Development in the region.
The property is a 70-acre mixed-used development featuring upscale retail, restaurants, apartments, and Class A office space. It is located across the street from the Nordstrom anchored Streets at Southpoint Mall. "Our development of the Southpoint area has been a terrific experience; the Renaissance project has a great quality to it that makes it truly timeless," said John Silverman, Managing Principal of Midland Atlantic.
Anchored by REI Sports and Best Buy, Renaissance Center is 93% occupied. The retail section of the project also includes Old Navy, Pier One, Babies R' Us, Linens N' Things, World Market, PF Chang's, Chili's and Ted's Montana Grill. The Class A office area adds 56,000 square feet of space, with a Hilton Garden Inn hotel and 120 apartments anchoring the residential component.
Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits. This year commemorates Midland Atlantic's 10th anniversary.
Durham, NC -- Cincinnati based Midland Atlantic announces the sale of Renaissance Center to CBL & Associates in partnership with Teachers Retirement System of the State of Illinois. The property sold for $90,000,000.
Midland Atlantic developed the project from land acquisition through design and construction. Development began in 2004 and was completed last year. Midland Atlantic was in partnership with Starmount Company which assisted in leasing and managed the property.
Renaissance Center recently won the Triangle Business Journal's award for Best Mixed-Use Development in the region.
The property is a 70-acre mixed-used development featuring upscale retail, restaurants, apartments, and Class A office space. It is located across the street from the Nordstrom anchored Streets at Southpoint Mall. "Our development of the Southpoint area has been a terrific experience; the Renaissance project has a great quality to it that makes it truly timeless," said John Silverman, Managing Principal of Midland Atlantic.
Anchored by REI Sports and Best Buy, Renaissance Center is 93% occupied. The retail section of the project also includes Old Navy, Pier One, Babies R' Us, Linens N' Things, World Market, PF Chang's, Chili's and Ted's Montana Grill. The Class A office area adds 56,000 square feet of space, with a Hilton Garden Inn hotel and 120 apartments anchoring the residential component.
Midland Atlantic is a full-service real estate firm specializing in the development, acquisition, leasing, management and brokerage of retail properties. Midland Atlantic is a leading developer of retail shopping centers in the Midwest and mid-Atlantic regions of the U.S. The firm develops upscale grocery and department store-anchored retail shopping centers, as well as retail build-to-suits. This year commemorates Midland Atlantic's 10th anniversary.
