Ziff Properties Picks Up Shopping Center in Matthews

By Adelina Osan, Associate Editor

South Carolina-based real estate firm Ziff Properties Inc. added a new shopping center to its portfolio. The 127,817-square-foot retail center is located at 10400 E Independence Blvd, in Matthews, a large suburban town of Charlotte.

Matthews Festival Shopping Center

Matthews Festival Shopping Center was acquired for $8 million and the new owner plans to renovate the retail center and to welcome new tenants in the shopping center. With a 40-property portfolio which includes shopping centers, office buildings and light industrial properties, Ziff Properties specializes in the development, acquisition and management of commercial properties in the Southeastern United States.

“Our business revolves around neighborhoods and furthering the importance of each of our shopping centers to the community. With its current occupancy levels and opportunities for enhancement, Matthews Festival is an ideal fit,” mentioned COO Christian Chamblee.

Bryan Wyker of The Providence Group represented the buyer in the acquisition and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.

Tentants in the shopping center include national and regional retailers such as include Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequileria,s and Tamarind Fine Cuisine of India.

Annual average daily traffic in the area reaches 47,000 on Independence Boulevard and 32,000 on Matthews Township Parkway with a population of over 150,000 on a five-mile radius. The average household income is $88,125.

Image courtesy of Loopnet