CAPITOL ANNOUNCES PLANS TO JOIN BARNES & NOBLE, EARTHFARE AT GRUBB PROPERTIES’ MORRISON
Upscale women’s clothier will move to prime South Park location in 2008
CHARLOTTE, NC – April 16, 2007 - Grubb Properties and Casto Lifestyle Properties, partners in the emerging mixed-use neighborhood of Morrison in South Park, today announced that Capitol, one of Charlotte’s premier women’s clothiers, has signed a lease agreement to relocate their flagship store to Morrison, one block from Southpark Mall.
The new location – adjacent to the recently announced Barnes & Noble store at Morrison – will have prominent visibility from both Sharon Road and Colony Road. Capitol expects to make the move when their current lease expires in May 2008.
With the addition of Capitol and Barnes & Noble, the retail line-up at Morrison becomes both stronger and more clear. Gourmet grocer Earthfare is scheduled to open a 25,000 sq. ft. flagship location this summer, joining current and upcoming tenants including Varji & Varji Salon, Winestore, Stoney River Legendary Steaks, Arooji’s Wine Room & Ristorante, and Swoozie’s.
Capitol, owned by Laura Vinroot Poole, is widely considered to be one of Charlotte’s most fashionable boutiques with hard-to-find brands such as Balenciaga, Marc Jacobs and Givenchy.
“We’re very much looking forward to the move to Morrison,” Poole said. “We love the location, the visibility, and the lifestyle ambience that Grubb is creating there. The shopping environment will fit us perfectly, and we have high expectations for the “residential village” atmosphere that’s emerging around all the merchants – we think it’s going to be an exciting place to live and do business in Charlotte.”
“Capitol will be a great addition to Morrison,” said Jonathan Nance, Grubb Properties’ director of commercial leasing. “They have an established customer base and a great reputation. We’ll be able to give them a bit more visibility – hopefully to expand their business – as well as the opportunity to attract new customers within a throwback neighborhood that integrates boutiques like theirs with a wide range of upscale shops and a growing community of condominium and apartment residents.”
With the addition of Barnes & Noble and Capitol to the line-up of current and pipeline retailers, Morrison is positioned to become North Carolina’s premier mixed-use lifestyle center as well as one of Charlotte’s most desirable new urban neighborhoods.
The 6,000 square foot lease was negotiated for Morrison by Grubb Properties’ David Klepser, while Capitol was represented by Brad Murr of Harris, Murr and Vermilion.
For more information about Capitol, please call 704.552.8987.
About Grubb Properties
Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s leading real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has approximately 100 employees, a management and/or leasing portfolio of nearly one million square feet of office and retail space, and a focus on revitalizing properties, land and communities in North Carolina’s premier real estate markets. The company is headquartered in Charlotte and maintains offices in Cary and Lexington, North Carolina. For additional information visit www.grubbproperties.com.
About Casto Lifestyle Properties
Casto Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. Current projects include the firm’s redevelopment of the 524,000-square-foot Winter Park Village in Winter Park, Florida; One Hundred Central, a private-public partnership with the City of Sarasota, anchored by Whole Foods Market; Main Street at Lakewood Ranch, a 170,000 square-foot lifestyle center development located in the heart of the 28,000-acre Lakewood Ranch project; and Lakeside Village, a 500,000 square foot mixed-use lifestyle center located south of Lakeland, FL. To learn more about CASTO Lifestyle Properties call (941) 552-2700 or visit www.castolp.com.
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of commercial shopping centers and multi-family residences, office buildings and corporate parks. CASTO’s growing portfolio currently includes over 20 million square feet of commercial property and nearly 7,000 residential units located primarily throughout the Midwestern and southeastern United States. The firm recently opened an office in Charlotte at 8929 J. M. Keynes Drive to accommodate its growth in the area. To learn more about CASTO call (888) 400-0878 or visit www.castoinfo.com.
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Posted: April 16, 2007 - News | More News
