December 17, 2014
Menin Development Announces Sale of Magnolia Park
Palm Beach, FL
Menin Development Inc. (MDI), Palm Beach, FL is pleased to announce that it has sold the final parcel of its Magnolia Park development to an entity majority owned by MetLife Core Property Fund for total consideration in excess of $155 million. Magnolia Park, an 800,000 square foot mixed use retail and entertainment project is located at the intersections of I-85, I-385 and Woodruff Road in Greenville, South Carolina.
Formerly the Greenville Mall, Magnolia Park was purchased by a Menin affiliate in 2007 and the former Mall was demolished and re-conceived. Magnolia Park features an unsurpassed mix of retailers and restaurants, the majority of which have made their South Carolina or even Southeast US debuts on site. Retailers include Costco, Cabelas, Toys R Us/Baby’s R Us, Nordstrom Rack, Rooms to Go, Golfsmith, Pier One and DXL. Entertainment and restaurant tenants include Regal Cinemas, Yard House, Cheddars, Toby Keith’s I Love This Bar, Tucano’s Brazilian Grill, Grimaldi’s and Firebirds.
“We have a great deal of pride and effort invested in this development over the past years and would like to thank all of those in the local government and community along with the retail and brokerage community who have assisted us in amassing this unsurpassed line up of retailers, restaurants and service providers,” stated Craig Menin, President of Menin Development. “Magnolia Park will continue to serve as the preeminent retail and entertainment destination in the region and we look forward to even better things in the future with the new ownership”.
Menin Development, Inc. has been a privately held owner, developer and manager of commercial real estate since its founding in 1985. Menin has owned and developed in excess of $1 billion of retail and mixed use properties throughout Florida, Virginia, Tennessee, Louisiana and North and South Carolina. Past projects include Downtown at the Gardens, Palm Beach Gardens, Florida, Shoppes of Jupiter, Jupiter, Florida and Downtown Short Pump, Richmond, Virginia. Menin currently owns and operates a portfolio of mixed use commercial projects nationwide, with a primary emphasis in South Florida.
For more information on Menin, Magnolia Park and other properties in our portfolio, contact our web site www.menin.com or Marc Yavinsky at Myavinsky@menin.com .