The Raleigh office of a global commercial real estate brokerage is in charge of attracting commercial tenants to Center Point, a major mixed-use development under construction in Wilmington.
CBRE | Raleigh, a joint venture between principals local to the Triangle and Fortune 500 company CBRE Group Inc. (NYSE: CBRE), recently launched a marketing campaign centered around the businesses that will be part of the more than $250 million project.
Center Point is also a joint venture, between Wilmington-based Swain & Associates and Charleston, South Carolina-based The Beach Company.
The project is under construction on 23 acres off Military Cutoff and Eastwood roads. Adjacent to Mayfaire and across from Landfall Shopping Center and The Forum, Center Point will include luxury apartments and high-end restaurants and shops.
“We have a tremendous amount of interest right out of the gate,” said Charlie Coyne of CBRE | Raleigh, who along with Matt Larson and the firm’s retail services group are handling leasing responsibilities for Center Point. “We look to have a really well-balanced mix of local and national tenants. Some will be new to the market.”
Coyne’s firm is also in charge of the commercial leasing at Pier 33, an apartment project with some commercial space. For The Beach Company, however, Center Point is its first project in Wilmington.
“We have a clear vision for Center Point, which is to create a premier mixed-use community with shopping, dining and entertainment destinations for all of Wilmington to visit and enjoy,” said Alan McMahon, development manager for The Beach Company. “As we work to bring that vision to reality, we are very excited to have CBRE as part of our team and we’re also very encouraged by the amount of interest that we’re already receiving.”
He said Center Point will cater to modern tastes.
“We think that the market and consumer demand is more along the lines of exactly what we want to do at Center Point, which is this experiential retail,” McMahon said. “The site design, architecture and amenities will make people want to come out and not just shop but also walk around and spend time there with family and friends.”
Phase I of the community will include 351 apartments, called The Sterling, 45,655 square feet of retail space and about 6,941 square feet of “uniquely designed live/work space,” according to the release.
“We’re going to have two park areas in the middle of Center Point where we will have different events throughout the year. So it’s not just about the shopping,” McMahon said.
Morgan Bentivegna, commercial asset management and development analyst for The Beach Company, said, “The programming is going to be key to making this a successful lifestyle center.”
As far as the expectation of attracting retail tenants to Center Point, Coyne said the retail market remains strong, adding that “consumer confidence is still very high.”
Bentivegna said, “We’re seeing a massive shift in the world of retail. Retailers these days are a lot smarter with their footprints, their inventory strategies and their overall customer experience."
She added, "The purpose of developing Center Point is to cultivate an experience for both local residents and visitors in the Wilmington market. Center Point will be a place where people live, work and play. We are hoping to target both national, regional and local retailers for the project and create a unique tenant mix."
Construction on Phase 1 of the project is expected to begin early in the second quarter of 2023 with the development of The Sterling and four stand-alone retail buildings.
Bentivegna said, "We hope to have the first commercial tenants open for business in 2024."
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