Commercial Confidential: Arboretum

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Editor’s note: “Commercial Confidential” is a Mecklenburg Times profile of a commercial property in the Charlotte area. 

Andy Misiaveg said the recession hurt some shopping centers in the Charlotte area.

Not so for the Arboretum, he said.

“It’s been such a stable property,” said Misiaveg, a partner in the Charlotte office of Atlanta-based The Shopping Center Group, a real estate brokerage firm. “When (a tenant) goes out, they have three or four people waiting it get in. They’ve not had many vacancies at all.”

The Arboretum, in south Charlotte, has become so popular, the dense residential area around it is known as the Arboretum area. Many of the neighborhoods surrounding the center are affluent.

Misiaveg described the center, which is at the intersection of North Carolina Highway 51 and Providence Road, as conveniently located. He said it has the right mix of tenants to attract constant business.

“It’s really the tenant mix that sets it apart,” he said. “They have an extremely varied tenant mix for a center of that size.”

Since the Arboretum has performed so well in
recent years, Misiaveg said, he expects it to continue to do well.

“If Walmart were to move away, they would likely have trouble backfilling that space,” he said. “But they’ve got a real stable center. You’re probably not going to see that happen.”

According to Donna Pressley, spokeswoman for the center’s owner, Charlotte-based American Asset Corp., 50 to 75 percent of the tenants in the Arboretum are original to the shopping center.

The Arboretum was built in three separate phases, with a different contractor for each. The original phase was the retail section and contains Rack Room Shoes and a Michael’s Arts & Crafts store. The second phase includes a movie theater and the retail strip that houses Gap, among other stores. The final phase contains Harris Teeter; Bed, Bath & Beyond; and Barnes & Noble.

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Center name:  Arboretum Shopping Center

Address: 8008 Providence Road

Square feet: 581,601

Year built: 1990

Owner: American Asset Corp.

Developer: Charlotte-based Childress Klein Properties

General contractors: Phase one: Metric Construction (now defunct); phase two: Charlotte-based Myers & Chapman; phase three: Charlotte-based Shelco Inc.

Management company: American Asset Corp.

Leasing company: American Asset Corp.

Vacancy rate: 1 percent

Major tenants (square feet occupied): Walmart (120,405); Harris Teeter (68,119); Cinebarre Arboretum 11 (36,000); Bed Bath & Beyond (35,000); Barnes & Noble (24,994); Michael’s Arts & Crafts (23,712)

Did you know? The Gap and Baby Gap stores that are in the Arboretum were the first stores of their kind to open
outside of a traditional mall location.

Source: American Asset Corp.