March 1, 2016
Towson, MD- Black Oak has announced the initiation of a comprehensive renovation plan valued at $1 million for Hicone Shopping Center, a 90,000 square foot grocery-anchored neighborhood shopping center located at the intersection of Hicone Road and Rankin Mill Road. The Baltimore-based real estate investment firm purchased the center, located near Route 29 and downtown Greensboro in North Carolina, in late 2013.The improvement and enhancement program is highlighted by a complete overhaul of the exterior facade of Hicone Shopping Center, and the addition of a full parking lot overlay and new sidewalks. The construction work has been awarded to local contractor HICAPS and is expected to begin in March, with completion scheduled for July 2016.
Hicone Shopping Center is anchored by Food Lion and CVS and includes numerous other local tenants such as Country Kitchen and Queen Nails. Currently, the center is more than 87% leased and has additional pad acreage available for future development.
Approximately 20,000 consumers reside within the Hicone Shopping Center trade area in northeast Greensboro with a household income exceeding $50,000. The trade area has experienced rapid population growth historically which is expected to continue in the coming years as northeast Greensboro becomes more readily accessible as regional road expansions are completed.Black Oak revealed the renovation plan in anticipation of the widening of Route 29 and the proposed Greensboro Urban Loop (I-840).
“Black Oak has a long history of owning shopping centers and repositioning projects to meet the changing needs of the local community,” stated Dara Hewat, a partner with Black Oak. “Thetrends occurring in northeast Greensboro, includingdecades of population growth, major public infrastructure investment, and anexpanding employer base, make us feel confident that this is the opportune time to invest new capital into Hicone. Hicone was constructed approximately twenty five years ago, and these improvements are intended to upgrade the center into a first class retail property to position it to serve the existing community and the new residents anticipated to arrive during the next twenty five years. In the coming months we will continue to work to attract new businesses and complete our leasing program.”
Black Oak is a regional, private development company that specializes in creating retail and mixed-use projects with a focus on long term performance and efficiency driven sustainability. The firm focuses on shopping centers located in the Mid-Atlantic and South East regions. The company’s portfolio currently includes fourteen shopping centers comprising approximately two million square feet.Black
Oak Associates is a private development company that specializes in retail and mixed-use projects with a focus on long term performance and efficiency driven sustainability. The firm owns shopping centers located in the Mid-Atlantic and Southeast regions of the United States. The company’s portfolio currently includes fourteen properties comprising approximately two million square feet. For additional information, please visit Black Oak Associates.