Edens & Avant Purchases Park Road Shopping Center

Former owner Porter Byrum pleased with community-focused model of purchasers

Jul 20, 2011

CHARLOTTE, N.C., July 20, 2011 /PRNewswire/ -- Edens & Avant, one of the nation's leading retail real estate owners and developers, announced today that it has purchased Park Road Shopping Center in Charlotte, NC from its owners Wake Forest University, Queens University of Charlotte, and Wingate University.  Philanthropist and legendary North Carolina businessman Porter Byrum gifted the Park Road Shopping Center to his three favorite universities and worked hard to assist them in connection with its sale.

Opened in 1956, Park Road Shopping Center was the first open air shopping center in Charlotte, and the largest of its kind between Washington D.C. and Atlanta. Purchased by Porter Byrum in 1967, Park Road has experienced virtually 100% occupancy for the last 44 years and has enjoyed unparalleled community support in an often volatile retail market.

After donating Park Road to his three favorite universities in June, Byrum says he is very pleased with the charities' selection of Edens & Avant as the new owners of his beloved retail center. "Edens & Avant has an outstanding reputation as that rare company that puts community first in all of their business decisions," said Byrum. "For nearly 45 years, Park Road has not only served the community, it has actually helped build community with a family-friendly atmosphere and merchandising mix. Because Edens & Avant shares the same community-focused values that have driven all my business decisions, I am very pleased to know they will be careful stewards of what I think is one of the most successful retail centers in the Southeast."

Edens & Avant President and CIO Jodie McLean said she feels "honored" to be entrusted with the legacy of one of Charlotte's most popular retail centers. "Park Road fits perfectly into our portfolio because it's a retail center that truly reflects the needs and values of the surrounding community," said McLean. "When you shop at Park Road, you feel an instant sense of community, a real sense of connectivity. You see friends and neighbors taking time to visit and catch up with one another. It's that special retail center that offers an authentic sense of place and we are very grateful to acquire such a well-managed and respected center that means so much to the local community."

To continue its focus on community-oriented retail and to assist its retailers with direct messaging to its shoppers, Park Road Shopping Center is now on Facebook at www.facebook.com/parkroadshoppingcenter and on Twitter @ParkRoadCenter.

About Edens & Avant: Edens & Avant develops, owns and operates neighborhood shopping centers in primary markets throughout the East Coast. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the Company has built an institutional-quality portfolio of 124 retail centers. Edens & Avant has Regional Headquarters in Boston, New York, Washington DC, Atlanta, Columbia, SC and Miami. For additional information about the Company and its retail real estate portfolio, please visit www.edensandavant.com.  Or follow on Twitter @EdensandAvant.

SOURCE Edens & Avant

For further information: Robbie Robertson, Communications Director, +1-803-744-2446, [email protected]