Retailer to occupy part of former Circuit City
CHARLOTTE, N.C., June 15, 2011—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Charlotte, N.C.-based partner The Chambers Group has completed a lease for the first REI in South Carolina. X Team International partner Jay Chambers made the announcement.
Located at the interchange of Interstate 85 and Woodruff Road, the outdoor equipment retailer will join the The Point shopping center, anchored by Whole Foods. Occupying roughly two-thirds of a former Circuit City, the 22,000-square-foot space will feature a bike shop, seasonal gear rental department, and space for classes, presentations and events for outdoor enthusiasts.
Chambers represented the tenant while the owner, Developers Diversified Realty, represented themselves. Although specific terms of the deal were not disclosed, discussions for the long-term lease began roughly four years ago.
REI currently operates 114 locations, including seven in North Carolina with plans to open eight more stores by the end of 2011.
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
The Chambers Group is based out of Charlotte, North Carolina and was formed in 1999 by Jay Chambers after a long and successful career with a large national commercial real estate company. The Chambers Group’s trade mark is “Accelerating Retail Success™.” Originally established as one of the leading tenant representative brokerage firms in the United States, The Chambers Group has expanded its services to include landlord representation of unique retail centers in the Carolinas and build to suit projects nationwide. Additionally, The Chambers Group is one of the founding “principles” in the X Team International retail services network. For more information, please visit www.chambers-group.com.
REI is a national outdoor retail co-op dedicated to inspiring, educating and outfitting its members and the community for a lifetime of outdoor adventure and stewardship. Founded in 1938 by a group of Pacific Northwest mountaineers seeking quality equipment, REI is committed to promoting environmental stewardship and increasing access to outdoor recreation through volunteerism, gear donations and financial contributions. For more information, please visit www.rei.com.