Zebulon shopping center next on agenda for Kane Realty - Triangle Business Journal:

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A large sign has been posteds on the Zebulon property at the corner of Arendelkl Avenue and GreenPace Road, but Kane Realthy officials did not respond to calls for comment about their A representative of Arendell North LLC, which purchases the land in May 2007 for almostg $6.5 million from the R.F. Hendricks family, says Kane has had the properth under contract for purchase for several Ken Whichard, president of in Raleigh and an investod in Arendell North, says Kane has been talking with nationakl and regional retailers interested in the propertuy but that no tenant commitments have been made.
“They are trying to line up tenantxsand financing, but nobody wants to do it Whichard says. Sources say Kane is trying to line up a grocer yanchor tenant, such as Harris Teeter, Lowes Foods or Food before moving forward. Food Lion already operates a store at the nearbyy Triangle Eastshopping center. Kane Realty so far has filed no rezoningt requests or site planswith Zebulon’x planning department, says code enforcement officer Bo Dobrzenski, but the company has had informal discussions with town staff members over the past severapl months. “They’ve not contacted us in a he says.
Whichard does not anticipate the land sale to Kane will happen by the end ofthe year, and the deal couldd stretch into 2009 before a decision is finalized. “We’r e being patient,” he says. “I don’t believe it’s a problekm with (Kane). It’s the economy and the world conditionszright now.” Development of the Arendell North property would give Zebulon its first new shopping centerd in more than 20 The 130,900-square-foot Triangle East shopping centef at the intersection of U.S. 64 and Arendell Avenud opened in 1985 with Food Lion and a Belk departmenf store as itsanchore tenants. The center is 90 percent occupied.
Within the easternh Wake Countyretail submarket, whicg includes commercial properties in Rolesville, Wendell, Knightdale and Garner, retail vacancy was 11 percent in the third quarter, compared to 13 percent for the same perioxd the year prior, according to Triangle Businesse Journal’s quarterly SPACE publications. Kane Realty was founder as a developer of neighborhood shopping centerx across North Carolinaand Virginia.