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Real Estate - Commercial

Mayfaire Town, Community Centers Sold To Tenn. Firm

By Cece Nunn, posted Jun 18, 2015
Mayfaire Town Center recently sold to a Tennesee REIT. (Business Journal file photo)

A large, publicly traded real estate investment trust has bought Mayfaire Town Center and Mayfaire Community Center.

The properties were purchased for $192 million by Tennessee-based CBL & Associates Properties in a deal that closed June 18, according to a news release from Hyman Brody, CEO of BrodyCo. Inc. Along with Jeffrey Zimmer, Brody co-manages the eastern North Carolina investor group that developed Mayfaire.

"We've completed all but one phase in the development of Mayfaire and have accomplished what we set out to achieve," Brody said in the news release. "As successful as Mayfaire has been, we think it would benefit from fresh thinking and new ownership to take it to the next level. CBL was the right buyer at the right time. We believe the future of Mayfaire is bright."

Stephen D. Lebovitz, CBL's president and CEO said in the release, "The Brody and Zimmer families have done a tremendous job of building Mayfaire into the pre-eminent retail destination in the three-county area. The mixed use complex has become a central part of the growing and dynamic Wilmington community.  Customers visit for the great stores, restaurants, entertainment options and for the enjoyable experience.  With our strong network of retail relationships, we see numerous opportunities to elevate this experience even further, delivering more of the premier brands and restaurants that residents and tourists have come to expect from the center."

The 400-acre Mayfaire, which celebrated the 10th anniversary of its town center last year, has about 1 million square feet of retail, including Belk's, Regal Cinemas, Dick’s Sporting Goods, Barnes & Noble, J. Crew, Pottery Barn and Williams-Sonoma.  The development also partnered with several leading developers to attract two hotels, Hilton Garden Inn and Homewood Suites, an office complex and more than 700 residential units to the project.

The buyer, CBL, is a well-known operator of upscale town centers and properties, Brody said. According to the announcement, CBL is one of the largest shopping mall REIT's in the country, with more than 140 properties, including 90 malls and open-air centers. In addition to Friendly Center, the trust's developments include: Cross Creek Mall in Fayetteville, Cary Towne Center and Triangle Town Center in Raleigh.

Lebovitz said in the announcement, “Mayfaire will also enjoy a synergistic relationship with our other assets in the Carolinas, primarily Friendly Center in Greensboro, N.C., one of our most successful properties generating strong growth and consistent demand from high quality retailers, including the recently opened Lululemon store.  We expect similar success from Mayfaire Town Center and are pleased to join the Wilmington community.”

Brody said he and the Zimmers will still be working on an adjacent 40 acres and the office portion of Mayfaire. Brody did not disclose the purchase amount, and as of 4:30 p.m., no deed for the property had been recorded in the New Hanover County Register of Deeds office's online document website.

In addition to Brody and Jeffrey Zimmer, Mayfaire is a result of the partnership of Robert Beller of BrodyCo Inc and Herbert and Alan Zimmer and Arlene Zimmer Schreiber, all of Wilmington-based Zimmer Development Co.

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