Lease marks the seventh Bi-Lo location for Publix in the Charlotte area
ROCK HILL, S.C. /LOS ANGELES – September 2, 2014 – (RealEstateRama) — Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of retail properties in the United States, has announced that Publix Super Markets has now opened as the new anchor tenant at WFC’s Cherry Road Crossing, located off the Cherry Road exit on Highway 77 in Rock Hill, South Carolina, replacing Bi-Lo.
“Publix is one of the fastest growing supermarket chains in the United States and Charlotte is clearly an expansion area,” said Ken Loughran, senior vice president of asset management for WFC. “It is an ideal brand that complements the existing tenants at Cherry Road Crossing center.”
The supermarket, which is an employee-owned, premium chain with more than 1,077 store locations, now fills the 63,241-square-foot retail space previously occupied by Bi-Lo, which closed earlier this year. This lease marks the seventh Bi-Lo location Publix has acquired in the Charlotte area over the last year. Three additional Publix are planned to open in place of Bi-Lo locations by the end of this year, including the Bi-Lo at WFC’s Steele Creek Crossing in Charlotte, North Carolina.
“With the opening of a Publix, one of the most dominant supermarket chains in the Southeast, comes a rebranding of the shopping center,” said Loughran. “Publix is a grocer that many tenants will want to co-tenant with, thereby improving the value of the asset long-term.”
Centrally located in a high growth residential area, the 78,890-square-foot Cherry Road Crossing is 90 percent leased and serves the surrounding neighborhood of Rock Hill, which boasts a population size of 100,191 and average household income of $63,626. Additional tenants include Jackson Hewitt Tax Services, The Wireless Co., Sally Beauty Supply and Americash. Two additional units, ranging from 1,200-square-foot to 1,549-square-foot in size, are available to lease.
“We are thrilled to be serving the residents of Rock Hill with our new Cherry Road Crossing Publix,” said Kim Reynolds, Publix media and community relations manager. “This was a great site for us offering a prime location in a community we’ve sought out for some time.”
A leader in the supermarket industry, Publix serves the southern United States in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. Publix ranked 104 on Fortune’s annual list of ‘Fortune 500’ companies and has been named one of the ‘100 Best Companies to Work For’ by Fortune magazine from 1998 to 2014.
About Westwood Financial Corp.
Westwood Financial Corp. is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning over 44 years. Based in Los Angeles, with satellite offices in Atlanta, Dallas and Scottsdale, Arizona, the firm currently has a portfolio consisting of more than 115 shopping centers and retail properties in 26 metropolitan markets. For more information, please visit www.westfin.com.