JLL Capital Markets complete sale of Poplin Place retail center

Charlotte, NC JLL Capital Markets has closed the sale of Poplin Place, a fully leased, 196,462 s/f regional shopping center. JLL marketed the property on behalf of the seller, Big V Property Group. New York-based Irgang Group acquired the asset.

With several recent key renewals and new leases executed, Poplin Place is fully occupied by a best-in-class anchor tenant lineup that includes T.J. Maxx, Ross Dress for Less, PetSmart, Burlington, Big Lots! and pOpshelf, along with a Target shadow anchor. Additionally, with 3.38 million annual visits, the center is ranked within the top 10 percentile for shopping centers nationally.

Positioned on 30.21 acres at 2901 W US Highway 74, is Poplin Place is on the “going home” side of US 74 in Monroe, a suburban Charlotte community about half an hour from Uptown that is expected to grow its population by 12 percent over the next five years. The center is in a highly sought-after retail submarket and serves a population of more than 200,000 people within a 10-mile radius with an estimated buying power of $7.28 billion. 

The JLL Retail team representing the seller was led by Senior Director Thomas Kolarczyk, Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Senior Director Eric Williams. Benjamin Bruner of Bruner Group represented the buyer.

“Poplin Place is an outstanding retail destination with exceptional fundamentals and highly productive retailers, spanning value merchandise, services, apparel and home furnishings,” Kolarczyk said. “Big V Property Group did a tremendous job repositioning the property with a vibrant tenant lineup that serves the community.”

“Irgang Group will benefit from stable, credit-quality cash flow and adds an excellent asset to their growing portfolio,” Kolarczyk added.