1. News
September 7, 2016

IRC-MAB joint venture to develop shopping centre in Mobile, Alabama

A joint venture between IRC Retail Centers (IRC) and MAB American Retail Partners (MAB) has announced the purchase of a ten-acre area for the development of Midtown Mobile shopping centre in Mobile, Alabama, US.

A joint venture between IRC Retail Centers (IRC) and MAB American Retail Partners (MAB) has announced the purchase of a ten-acre area for the development of Midtown Mobile shopping centre in Mobile, Alabama, US.

Construction of the shopping centre is expected to begin in November and is likely to be completed by next year.

“The Publix store format will be customised specifically for this densely populated urban location, to better serve the local customer base and accommodate anticipated high levels of shopper traffic."

The 62,403ft² shopping centre will be located at the north-east corner of Old Shell Road and N. Florida Street.

IRC Retail Centers executive vice-president and chief investor officer Scott Carr said that the new Publix-anchored shopping centre will provide a grocery option to shoppers.

The IRC and MAB joint venture has signed a lease with Publix to construct a 39,203ft² grocery store with pharmacy drive-thru at the centre, which will also include 23,200ft² of shop space located on five freestanding building pads.

The joint venture expects to begin construction in November and complete construction late next year.

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Carr said: “The Publix store format will be customised specifically for this densely populated urban location, to better serve the local customer base and accommodate anticipated high levels of shopper traffic.

“We expect this infill location and the traffic generated by Publix to attract a unique mix of retailers reflective of the character of the Midtown neighborhood.”