Ferris Rebrands Shopping Center Near The Blue Line Extension
Ferris Development Group acquired the 202K SF Grande Promenade shopping center in University City late last year for just over $40M, and now the Boston-based owner has kicked its rebranding plans into gear, starting with a new name: McCullough Commons.
In these tough times for retail, it is critical for shopping centers to connect with their market, so NGKF hosted a rebranding event last Thursday with food from its 13 dining options.
NGKF’s Jill Ecuyer, the new leasing broker for McCullough Commons, said the property also has 50 stores, a mix of national, regional and local retailers, including Ashley Furniture, Total Wine, Jos. A. Bank, FedEx, AT&T, Shane’s Rib Shack and IHOP. NGKF's immediate goal will be to add new tenants and freshen the center’s look, Ecuyer said.
The property has an extra advantage in that it is near the planned Blue Line rail extension in University City. That will create a more walkable facility as light rail service between UNC Charlotte and Center City begins in April 2018.
McCullough Commons is Ferris' first foray into the Charlotte market. The company specializes in value-add plays, with about 900K SF of commercial space in the Boston area.