The center is tentatively scheduled to open in October 2005. This is the partners' first joint-venture project.
The developers completed the land deal this week but declined to disclose the acquisition price, the seller's name or the estimated development cost of the project. However, Memphis area brokers and retail consultants familiar with the Collierville submarket tell GlobeSt.com the 135 acres were probably purchased for about $50,000 per acre or a total of nearly $6.8 million.
The estimated hard construction cost of the shopping center is $70 per sf or a total $56 million. That would place the overall cost of the project at about $63 million, area brokers tell GlobeSt.com.
In a prepared statement, Joel Murphy, president of Cousins' retail division, says the center is 73% pre-leased with commitments from Dillard's, Parisian, Abercrombie & Fitch, Ann Taylor Loft, Banana Republic, Barnes & Nobles, Bath & Body Works, Buckle, Claire's, Express, Hollister, Linens 'N Things, Talbots and Victoria's Secret. Murphy didn't disclose the average asking base rent range. But area retail brokers tell GlobeSt.com an affluent area such as Collierville would demand minimum base rents in the $22 per-sf to $28-per-sf range.
Jim Wilson Jr., president of Jim Wilson & Associates, says his firm has been "working on the development of this project for several years to insure the right retail fit, design and look for the community."
At 800,000 sf, the Avenue Carriage crossing will be Cousins' sixth and largest Avenue project. Other Cousins open-air shopping centers are in Viera, FL, suburban Los Angeles and three in metro Atlanta.
Jim Wilson & Associates developed the 1.5-million-sf Riverchase Galleria in Birmingham, AL and the 1.2-million-sf Mall of Louisiana in Baton Rouge, LA. Cousins' portfolio consists of 14.1 million sf of office and medical office space, 2.6 million sf of retail and 1,980 acres of undeveloped land in various metro locations.
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