The 22,000-square-foot Fred’s location in Lake Wylie is on the market. But the company may be staying.
“We just haven’t come to terms on an agreement with them,” said Heather Stewart with property owner Rivercrest Realty Investors. “When we don’t have an agreement in place, we begin to market the property.”
Rivercrest purchased Lake Wylie Plaza in the fall. The company lists five of its 17 sites as available, including those home to Fred’s and Bagel Boat, two sites between Q2U BBQ Pit and Rey Azteca, and the former Boat Sales of Lake Wylie location on the other side of Rey Azteca. Fred’s makes up 22,131 of the available 28,513 square feet.
A manager at Fred’s referred questions Friday morning to the Memphis, Tenn.-based retailer’s corporate office.
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“Our Real Estate Committee didn’t want to commit to a five-year term, but Fred’s intends to continue to operate in this location,” said Ronnie Webb, spokesman for Fred’s.
Stewart said marketing the property doesn’t mean the store will close immediately.
“They’re still operating,” she said. “They’re still there.”
In other properties, businesses have operated with Rivercrest month-to-month without long-term leases since 2009.
“You don’t have to have a lease,” she said. “It just provides security, both for the tenant and the property owner.”
Bagel Boat also doesn’t have plans to leave its space.
“I am trying to work with ownership to stay at our location,” said owner Frank Keefe.
As anchor to the shopping center at 4076 Charlotte Hwy., the Fred’s space can impact surrounding businesses in Lake Wylie Plaza. Businesses with leases in place include Sportscenter Athletic Club of Lake Wylie at more than 13,000 square feet and Lake Wylie Italian Grill. Other tenants include Rey Azteca, Q2U, Village Cellar, Sweet Repeat Thrift Store, Cheer Tumbling Academy, R.P. Boggs & Co., The Estate Boys, David Wysor Design and The Cleaners at Lake Wylie. The former Emily’s Garden & Gifts is vacant with 1,200 square feet.
According to the real estate company brokering the transaction, the 11-acre and 77,265-square-foot Lake Wylie Plaza sold to Rivercrest for $3.17 million. The plaza was more than 90 percent full at the time of transaction.