Branch Properties, LLC, an Atlanta-based, privately held, real estate investment firm, announces a heavy-hitter tenant line-up at Island Walk, formerly known as Palm Harbor. The $40.8 million redevelopment is currently underway to return the 28.7-acre lot into a high-quality shopping experience.
Once completed in 2016, the upgraded retail destination will bring new and expanded tenants and amenities to the Palm Coast community in an effort to revitalize the city’s original core. Anchored by Publix Super Markets, the 204,000 square-foot retail center is 84% pre-leased with another 17,500 square feet in active lease negotiations. Still available is 1,000 to 6,000 square feet ideal for junior anchor and small shop tenants.
“Island Walk’s high-traffic location along a popular corridor along with the strength of the surrounding demographics made it a no-brainer for many tenants to not only join the center but also remain through the redevelopment,” explains Nick Telesca, president, Branch Properties, LLC. “To add to the mix, The Shopping Center Group leasing team has brought the ideal tenants to the mix that really create a valuable, balanced asset – shaping once again a popular destination for household retail and casual dining for the Palm Coast community.” Nancy Sumner, partner, senior leasing advisor, and Stephanie McCullough, partner, senior leading advisor, The Shopping Center Group, are the exclusive leasing team for Island Walk.
The expanded tenant line-up includes several national retailers and service providers opening in 2016 including Petco, Tuesday Morning, Hobby Lobby, Leslie’s Pool Supply, Great Clips and Chase Bank. In addition, several casual dining options are opening in early 2016 including Moe’s Southwest Grill; The Brass Tap Craft Beer Bar, a new-to-market craft beer bar; Metro Diner, Jacksonville’s popular eatery as featured on Food Network’s “Diners, Drive-ins and Dives;” Anthony’s Brick Oven Pizza and Thai By Thai restaurant, returning to the center by year end.
The new, expanded Publix is set to open in November. The 53,785-square foot store is approximately 20% larger than the existing store making it one of the largest locations in the region. Other existing tenants that remained in the center include: Starbucks, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics, Aimee’s Hallmark Shop, Wild Rice China Express, Palm Nails and Salsa’s Mexican Restaurant, which will be relocating and expanding into a 4700-square foot restaurant with an expanded patio late 2015.
“Our job is not done. We are still seeking retailers and restaurants to round out the current tenant line-up at Island Walk,” states Sumner. “The fundamentals that made this center a success many decades ago still exist today. Island Walk’s longevity is proven by the overwhelming response from potential and existing tenants to our leasing strategy and the opportunity that exists to revitalize this area.”
The largest retail shopping center in Palm Coast, Island Walk is located at Palm Coast Parkway and Interstate 95, an intersection that carries an excess of 45,000 vehicles per day. There are nearly 44,000 residents with an average household income of more than $60,700 within a three-mile radius and a trade area population of almost 100,000 consumers. With multiple access points at signalized intersections, there is a parking ratio of four spaces per 1000 square feet.
Branch Properties, in conjunction with Michael Collard Properties, acquired the site on May 16 from Chicago-based The Inland Real Estate Group.