New EUR 11 mln retail park developed on former carpet factory site near Sibiu
Real estate developer Zacaria Group will open a retail park in Cisnadie, a town about 10 km south of Sibiu, following an investment of more than EUR 11 million. Set to open in the second quarter of next year, Zacaria Retail Park Cisnadie will have a leasable area of 9,000 square meters and an attractive mix of tenants secured through an exclusive leasing partnership with CBRE Romania.
The project is developed on a former carpet factory site in Cisnadie, on a total area of 11,500 square meters, including the park's rentable space and a supermarket anchor. The company said it "already broke ground on the biggest retail investment to date in Cisnadie, and demolition and reconversion works are in full swing."
Zacaria Retail Park Cisnadie will accommodate fashion and footwear shops, kids toys and fashion, home and deco, pet food and accessories, and banking services retailers. There will also be a food court available, plus spaces for events dedicated to the community. 358 parking spaces will facilitate visitors' shopping experience.
Zacaria Retail Park Cisnadie is the second retail park and the 15th real estate project developed by the real estate company in Romania.
"Zacaria chose Cisnadie for the new project mainly because the town has been booming in the last two years, attracting more residential and leisure investments, but also new inhabitants leaving Sibiu. According to the Sibiu PMUD (Sustainable Urban Mobility Programme), currently under public debate, Cisnadie has registered a significant increase of 30% in the last eight years, representing the population that has chosen to relocate to this town in the immediate vicinity of Sibiu. At the same time, the number of residents in Sibiu has been decreasing since 2016, by about 0.3% each year, according to the National Institute of Statistics 2021. The city's population is steadily decreasing, but only a small part of those who migrate to other localities do so by changing their residence. This causes the city of Sibiu to expand (urban sprawl) although the number of resident population decreases," CBRE explained in a press release.
"We continue to invest in multiple projects, and our portfolio will continue to expand in the next years. Since we have seen the local community needs and the desire for regional expansion for several retail players, we have decided to invest in the development of Cisnadie and Sibiu County by developing a new retail park. Given that our headquarters are in Sibiu, we based our decision on the knowledge we have about the real potential of local demand. In addition, together with our flawless partnership with CBRE Romania, which has the expertise to attract the best retailers to the new park, we will launch this new project with the desire to become an important part of Cisnadie's development as a tourist destination," said Marius Moga, Sales & Marketing Manager at Zacaria.
Zacaria Retail Park Cisnadie integrates commercial spaces with pedestrian promenades, vertical gardens, relaxation areas, playgrounds and spaces for hosting various cultural or sports events.
Zacaria is part of the international group Alf Mizzi & Sons, which was founded in Malta in 1915. The company is a full-service industrial real estate developer specialized in the acquisition, construction, development, and management of industrial and residential properties.
To date, Zacaria developed over 200,000 square meters of industrial spaces and more than 15,000 square meters of retail and office spaces and completed the development and sale of 4 residential projects. Whilst the residential portfolio of Valletta projects is expanding currently with two ongoing developments in Sibiu and Craiova, the company is also expanding its investments in the retail sector.
(Photo source: CBRE)