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Last updated on April 18, 2014 at 5:21 EDT

Enclosed Mall Redevelopment Opportunity For Sale

May 4, 2012

ATLANTA, May 4, 2012 /PRNewswire/ — ORCC is a unique and viable mall redevelopment opportunity for a conversion to a town center commercial real estate project with an open air retail component due to the following highlights:

-941,501 sf / 80.36 acre site with 655,734 sf / 59 acres owned

-Existing retail anchor base of 410,474 sf: Belk and JC Penney (owned) and Walmart Supercenter, Cinemark, Staples (not owned)

-Unique and dynamic economic market drivers

-A supply constrained and significantly underserved market with limited shopping center competition

-Bordered by the major commuter arterials providing easy accessibility to state and interstate highways for access to the extended trade area to the North, South, East and West

-A traffic count of 95,000+ that circle the retail property

-Nucleus of the Oak Ridge Market surrounded by Oak Ridge’s primary roads and commercial, lodging, public and retail uses

-Redevelopment ready with an approved town center redevelopment plan

-Optimal site size and configuration for a town center real estate project

-Zoning with a PUD overlay that allows for maximum flexibility

-Attractive pricing that equates to $16 psf on the owned improvements or $178,000 on a per acre basis

-A motivated and supportive municipality

According to Oak Ridge Mayor Beehan, “Oak Ridge’s top economic priority is the re-development of ORCC. A vibrant town center with an open air retail component that reflects the uniqueness of the ‘Energy City’ has the unified support of our city government, business community and citizens. We look forward to partnering with ORCC’s new owners to achieve our city’s vision of a pedestrian friendly town center to serve as the focal point of our downtown core.”

About Oak Ridge, TN

ORCC is located in Oak Ridge, TN (Knoxville MSA), one of America’s most historic and significant planned communities. Built in a matter of months during World War II as a “secret city” to manage the Manhattan Project, it has grown to become “America’s Energy City” and the host community to many of the U.S. Department of Energy’s (“DOE”) most important research and production facilities. Within the city’s boundaries are: Oak Ridge National Laboratory employing over 4,000 scientists and engineers as the nation’s largest multi-purpose science lab; the Y-12 National Security Complex employing over 4,000 engineers, technicians, and machinists as a premier manufacturing and storage facility for the DOE’s Nuclear Security Enterprise; and dozens of other major government contractors and sub-contractors that help grow Oak Ridge’s daytime population by almost 50%. The result is a talented and skilled workforce of scientists and engineers from around the world.

The 4 page executive summary brochure link – bit.ly/OakRidgeES

Gary T. Saykaly
Cushman & Wakefield – Atlanta
404-853-5361
Gary.saykaly@cushwake.com

John Rebori – C&W/Cornerstone Knoxville

SOURCE Cushman & Wakefield


Source: PR Newswire