Theater Commits to 700,000-SF Retail Project

APEX, NC-Beaver Creek Crossing, a planned $80-million regional shopping center here, has landed its anchor entertainment tenant. Consolidated Theaters has inked a deal to lease a 40,000-sf building within the 700,000-sf development. The news was announced Thursday by the development group, a joint venture of Cleveland-based Developers Diversified and 1st Carolina Properties of Cary.Construction of Beaver Creek Crossing is expected to get under way this quarter. The center will open in two phases beginning in 2006. A company spokesman tells GlobeSt.com that, in fact, negotiations are under way to turn non-binding commitments for 75% of the space into formal lease agreements. He declined to name any tenants until leases are signed.The project will be developed on the North and South sides of US Highway 64, just west of State Highway 55 and adjacent to Beaver Creek Commons, a 475,000 sf open-air shopping center also owned by Developers Diversified that opened in 2004. That development is anchored by Super Target, Lowe's Home Improvement, Office Max, PetsMart and Linens 'n Things. DDR owns and manages approximately 460 retail properties in 44 states totaling 102 million sf. Its North Carolina portfolio totals 3.2 million sf.