IRC Retail Centers Inc., a leading real estate company that owns and operates high quality, necessity and value-based retail centers in select markets within the Central and Southeastern United States, today announced that its joint venture with MAB American Retail Partners, LLC, has completed demolition of the anchor-store space at Weaverville Plaza in Weaverville, North Carolina. The IRC Retail Centers-MAB joint venture, acquired the Weaverville Plaza shopping center in Weaverville, North Carolina in November 2015. The site was selected due to its prime location in the primary retail corridor within the growing Asheville MSA trade area. The demolition, which began early 2016, makes way for the ground-up development of a new 49,000-square-foot Publix grocery store.
“We are pleased to see our plans for this center come to fruition, marked by this milestone of demolition completion and the start of construction on the Publix grocery store,” said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. “This development is a representation of IRC’s commitment to expand its portfolio through the dual strategy of development and acquisition of high quality shopping centers.”
Construction of the new Publix store is expected to commence in the second quarter of 2016, with an anticipated opening of spring 2017. The redevelopment of the center includes a new outlot, site lighting, landscaping and parking lot improvements, and a cosmetic renovation of the retail shop space.