80-acre site will be home to retail, office, apartments and town homes

CARY, N.C. - Developer Midland Atlantic has announced that construction of Tryon Village is underway. The development is located at the intersection of Walnut Street and Tryon Road in the Crossroads area of Cary.

Tryon Village is an 80-acre mixed-use development that will be home to 150,000 square feet of retail space, 400 apartment units, 135 town homes and 100,000 square feet of Class A office space.

Anchored by a 49,000-square-foot Harris Teeter grocery store, Phase I of the retail component will comprise approximately 115,000 square feet of retail space, including a 15,000-square-foot freestanding Walgreens store. Other tenants include Starbucks, Bruegger's, Jimmy John's and Yoho Asian Bistro. The first phase of the retail shops will be coming online in late summer, with Harris Teeter opening in early 2008.

The master plan calls for 40,000 square feet of additional retail and restaurant space in Phase II, which will be added in accordance with its demand.

"The Crossroads area of Cary is a prime location to bring this type of development - a mix of quality retail, homes and offices in an urban village setting," said John Silverman, managing partner of Midland Atlantic.

Designed by Greensboro-based Triad Design Group and Raleigh-based Cline Design, the project includes an urban streetscape design with stacked ledge stone, and more than 1.5 miles of pedestrian pathways. Mt. Airy-based John S. Clark Company is the general contractor.

Leasing is currently underway, with spaces available from 1,400 square feet. Please contact Chris Jenkins or Brian Ernenwein at (919) 941-9747 for additional leasing information.

Demand for more retail is met by new shopping center, restaurant

Indianapolis (Franklin Township), Ind. - A new, 9,000-square-foot, shopping center and a popular pizza chain are bringing much needed services to rapidly expanding Franklin Township.

Located at 5650 S. Franklin Road, Midland Atlantic has completed construction on Wildcat Shops - several new tenants are already open for business. Donatos Pizza will be celebrating its grand opening on June 26 and anticipates a high volume of traffic in this under-served, high residential growth area.

"With the explosive residential growth of Franklin Township, Wildcat Shops is a much needed neighborhood shopping development that will provide convenient retail and restaurant services to the residents in the community," said Jeff Hubley, who handles leasing for Wildcat Shops.

"We've heard from local residents that they needed more retail opportunities closer to home. With the opening of Donatos and other new retailers, Wildcat Shops is a welcome addition to nearby residents," Hubley added.

Currently, 2,800 square feet of retail space is available at Wildcat Shops.

Division to focus on acquiring grocery-anchored shopping centers

CINCINNATI -- Midland Atlantic announced today the formation of its new Acquisition Division, according to the firm's director of acquisitions, Dave Wik. The new division will focus on purchasing grocery-anchored shopping centers in the Midwest, mid-Atlantic and southeast regions of the U.S.

"Our focus is acquiring underperforming properties, which we remodel then turn over to our brokerage division for lease-up," said Wik. "We have recently brought management of these properties in-house as well. By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately providing a greater value to our investment."

Midland Atlantic Acquisitions has plans to build a $50 million shopping center portfolio in the first 12 months. The firm recently purchased the 166,000-square-foot Parkside Square shopping center in Ocean Springs, Miss., and has another 200,000 square feet in two centers under contract in Kentucky and Alabama.

"We have approximately 10 active letters of intent out right now," said Wik.

Wik was hired by Midland Atlantic in April 2006, after spending three years handling acquisitions for Phillips Edison's Cincinnati office, where he most recently served as director of Eastern Region Acquisitions. Prior to that, he spent five years in real estate finance and construction lending for PNC Real Estate Finance in Cincinnati.

"We are tremendously pleased to have Dave on our team," said John Silverman, managing principal of Midland Atlantic. "He has already brought great value to Midland Atlantic, laying the infrastructure for the formation of our new division," he said.

Read more in the Cincinnati Business Courier.