The Inland Real Estate Corporation announced last week that grocery chain Publix Super Markets has signed a lease at Weaverville Plaza shopping center for the development of a new 49,000-square-foot location at that property.
The redevelopment of the center will include a new out-lot; improvements to site lighting, landscaping and the parking lot; as well as cosmetic renovation of the retail shop space. Construction is expected to begin in the first quarter of 2016, with the new Publix store anticipated to open in 2017. Upon completion, the redeveloped center is expected to include an extra 139,000 square feet of leasable area.
“We are excited to begin the development of a new Publix grocery store at Weaverville Plaza, a site that was selected due to its premier location in the primary retail corridor for this growing trade area,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation, in a press release. “This acquisition represents continued execution of IRC’s strategic plan to enhance the quality, growth profile and diversification of our portfolio through expansion into the Southeastern United States. In addition, we are pleased to further strengthen our relationship with Publix, as we look to partner with retailers expanding in southeastern markets that are experiencing positive job and population growth.”
Weaverville Plaza is situated at Interstate 26 and Weaver Boulevard, near a residential population of 31,200.