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Tuesday, March 17, 2009

Midland Atlantic Completes Construction on New Haven Commons

Staples is now open, leasing underway

Harrison, OH - Midland Atlantic has completed construction on the New Haven Commons shopping center. The center is located in Harrison, Ohio on Biggs Boulevard near the New Haven Road interchange on Interstate-74.

New Haven Commons is anchored by a 14,600 square-feet Staples store, which opened to the public in February. Staples is the first tenant to take up residence in the 20,000 square-foot center and has signed a long-term lease agreement, indicating their confidence in the market. Leasing is underway for adjacent retail space ranging from 1,200-2,800 square-feet. "We are in talks with multiple small shop tenants as well as restaurant users for the remaining spaces. We anticipate securing additional tenants for the shopping center in the near future," said Michael Small, Development Manager for the project.

The Harrison area has seen marked growth over the past few years. "While many projects are being halted throughout Cincinnati, Midland Atlantic is continuing to develop key projects in thriving areas," said John Silverman, Managing Principal of Midland Atlantic. New Haven Commons is the first project in the Harrison area for Midland Atlantic.



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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.



Midland Atlantic Wins Award for Tryon Village

Selected as Top Retail Development

Cary, NC - Midland Atlantic has received the Triangle Business Journal's 2008 Space Award for the Top Retail Development in the region for the Shopping Center portion of its Tryon Village project.

Tryon Village, located at Walnut Street and Tryon Road, is a 90-acre, mixed-use development featuring upscale retail, restaurants, townhomes, apartments, and future Class A office space. Anchored by a 49,000-square-foot Harris Teeter grocery store, Phase I of the retail component is complete. The retail center features a mix of tenants including Starbucks, Bruegger's Bagels, Restology and Jimmy John's, along with a freestanding Walgreen's store. "We have leased over 90% of the available space and our retailers are doing well, despite difficult market conditions," said Jeff Vittert, a Midland Principal and development manager for the center. "In spite of the current climate, we remain confident in Tryon Village's potential and its long term position in the Triangle area."

Construction on Phase II of the project is slated to being in late Spring 2009 and will initially bring another 16,500 of 40,000 square-feet of retail space to the development. "We will continue to add a convenient mix of shopping, retail service and dining options to the thriving Crossroads area of Southeast Cary," said Vittert.

Midland Atlantic assembled the land for the development and has worked with The John R. McAdams Company engineering firm to establish green space and pedestrian friendly-areas to connect and complement the multiple components of Tryon Village. "This has been an exciting development and we are honored to have been recognized by the Triangle Business Journal for our efforts," said John Silverman, Managing Principal of Midland Atlantic.


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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.



Tuesday, March 10, 2009

Midland Atlantic Continues Construction on East Viking Plaza

First Target store in Cedar Falls near completion

Cedar Falls, IA - Midland Atlantic continues construction of the $43 million East Viking Plaza retail development in Cedar Falls. Located at the Southwest Corner of Viking Road and Highway 58, the project encompasses 33 acres and is directly across from a recently relocated Super Wal-Mart.

The 260,000-square-foot project will be anchored by the first Target store in Cedar Falls and will feature a diverse mix of retail shops and restaurants. Construction on the 132,000-square-foot Target store is due to be completed this summer with the scheduled store opening in late July. "The Target store is an exciting addition to the existing retail base in Cedar Falls," said Michael Small, Development Manager for the project.

Leasing is underway for East Viking Plaza, with both large and small shop spaces available adjacent to Target and outlots available fronting Viking Road. "We anticipate attracting both local and national retailers to the development, many of which will be new to the market," said Small. "With its close proximity to the University of Northern Iowa, downtown Cedar Falls and Waterloo, East Viking Plaza is well positioned in this rapidly growing area and is sure to become a key shopping destination."

Designed by RSP Architects (Minneapolis, MN), the development will feature single-story buildings with connecting walkways and pedestrian-friendly gathering areas. The five outlots are ideal locations for casual dining or other restaurant concepts. Reece Campbell, Inc. (Cincinnati, OH) is the general contractor.

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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.



Monday, March 9, 2009

Midland Atlantic Announces Grand Opening of Rushmore Crossing

Phase I completed, development slated for future growth

Rapid City, SD - Midland Atlantic Development announces the grand opening of Phase I of Rushmore Crossing, a $100 million retail development in Rapid City.

The cold temperatures and struggling economy did not deter customers from lining up to be the first to experience the newest shopping center in Rapid City. A group of over 400 excited shoppers braved frigid cold temperatures while waiting for the doors to open on February 14th at the 50,000 square foot Scheel's All Sports, the last of the Phase I retailers to open at Rushmore Crossing.

For many of the Phase I retailers including TJ Maxx, Gordman's, Michael's, Petco, Shoe Carnival, Dress Barn and David's Bridal, the Rushmore Development represents their first foray into Rapid City and they have been thrilled with the initial response from the public. All have indicated that they experienced strong opening day sales.

Target and Scheel's All Sports, anchors for this initial phase of the development relocated their existing Rapid City operations to Rushmore Crossing in an effort to expand their footprint and surround themselves with dynamic co-tenants. Target's store is over 30,000-square-feet larger than their previous location and Scheel's All Sports increased their size by over 13,000 square feet. Both had successful openings and are continuing to see high traffic and consistent sales.

Construction on Phase II is slated to begin in spring 2009 and includes a Sam's Wholesale Club and new multi-tenant building. "Midland Atlantic is talking with both national and local retailers for the second phase of the development and our commitment to attract tenants that are new to the area or who want to expand in this market remains high," said Brandon Boyster, Property Manager.

Rushmore Crossing, located at Interstate-90 & N. Lacrosse Street, is situated on a 126-acre site and will feature a shopping center, hotel and restaurants when completed. Designed by RSP Architects (Minneapolis, MN), each segment of the development will be unique, but will feature common architectural details that tie the development together.

"We are optimistic that the growth in this market will continue and we are poised to make Rushmore Crossing a shopping destination for the residents of Rapid City and surrounding areas," said John Silverman, Managing Principal for Midland Atlantic.

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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.



Midland Atlantic Announces Acquisition of Pinecrest Pointe

Midland Atlantic continues growth through acquisitions

Raleigh, NC - Midland Atlantic Development has recently acquired Pinecrest Pointe, an 89,224 square foot retail center in Raleigh, NC.

Purchased from the Kerr Family Limited Partnership, the center, built in 1988, is situated on 11 acres on Leesville Road, south of Interstate 540, in northwest Raleigh. Midland Atlantic is planning extensive capital renovations to the center including replacement of the roof, upgraded lighting, facade improvements, enhanced landscaping, and parking lot upgrades.

The development, anchored by Food Lion, is currently 90% leased. Other anchor tenants include Fitness 19 and Carolina Dance. The center is well positioned in a dense, established and proven location. Pinecrest Pointe is surrounded by residential subdivisions and is in close proximity to a substantive area high school and growing trade area. Midland Atlantic is currently talking with a number of local and national retailers to fill the vacancies.

The property marks the sixth purchase for Midland Atlantic's Acquisitions division. "The patience and willingness of the Kerr Family to work with us to move the deal forward, was invaluable in finalizing this acquisition," said Dave Wik, Director of Acquisitions for Midland Atlantic. "Despite the challenging economy, Midland Atlantic, through careful planning and due diligence, remains committed to purchasing, well-located, value-added retail centers." The transaction was financed by Tri-State Capital Bank and brokered by Andrew Margulies of Marcus & Millichap.

Midland Atlantic's Acquisitions Division was formed in May 2007. This division is focusing on the purchase of grocery-anchored shopping centers in the Midwest, Mid-Atlantic and Southeast regions of the country. As with all of its acquisitions, Midland Atlantic will handle the leasing, construction, and property management of the asset. "By taking responsibility for all facets of a property's operation, we can ensure the highest quality service, ultimately maximizing the value of our investment," said Wik.

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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.