An additional 7,000 sf of retail space and a 4,200-sf outparcel will also comprise the five-year-old center's third phase. Asking rent will be in the low- to mid-$20-per-sf-range.
Belk plans to hire about 70 local employees and open the store in September 2004 on a 7.7-acre site at 3600 Dallas Highway. Belk is leasing the land for its store from Four Plus Corp. Village Green is across the street from Cousins Properties Inc.'s recently completed the Avenue West Cobb retail center.
"This is the culmination of several years' work to identify the right tenant to anchor this additional phase of the shopping center," says Jon Barry, president of Atlanta-based Spectrum Realty Advisors which represents Four Plus Corp. "It's a great example of how a new development can produce a solid return for its owners while still satisfying county, neighborhood, state Department of Transportation and retailer concerns."
A 59,134-sf Kroger grocery store anchors the center. Belk selected the site for the growth potential in the immediate area. "Belk looked at the site's accessibility and strategic position as well as growth in West Cobb," says Rebecca Waters, Spectrum's senior vice president. "Coupled with Village Green's overall success and solid demographics, Belk came to the conclusion that this was an excellent development opportunity for their company."
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