Parkside Finds Replacement Tenant For Field Stream Store In Cary

Dated: 04/04/2017

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It had come as a surprise to most customers and retailers in the Triangle last fall when the relatively new Field & Stream sporting goods store at the Parkside Town Commons retail center in west Cary closed unexpectedly.

But now it looks like the retail property owned by Indianapolis-base

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ed Kite Realty Group Trust (NYSE: KRG) has already found a replacement tenant for the 50,000-square-foot store.

Retail real estate sources say that a lease deal has been signed with Hobby Lobby, a big-box arts, crafts and home décor retailer that entered the Triangle market in 2016 with a new store on Capital Boulevard, near Triangle Town Center mall in Raleigh.

Hobby Lobby’s typical store footprint is about 50,100 square feet, so the space at Parkside Town Commons fits its needs. CBRE-Raleigh has been representing Kite Realty in its lease negotiations at Parkside, but CBRE broker Charlie Coynewould not confirm if a lease had been signed. Parkside Town Commons is located at the corner of N.C. 55 and O'Kelly Chapel Road, near the intersection with N.C. 540.

Officials from Field & Stream, which is owned by Dick’s Sporting Goods (NYSE: DKS), never really gave a full explanation for why the Cary store – one of the first Field & Stream-branded stores to open in the Southeast – was closed only two years after opening.

Speculation in the market was the Field & Stream store was ill-timed in a market saturated with sporting goods stores since it was among a list of four new big-box stores to open within a 16-month period in 2014 and 2015, including a Cabela’s, Bass Pro Shop and a second Gander Mountain store in Raleigh.

In March, Gander Mountain also announced it had filed for Chapter 11 bankruptcy protection and would be closing 32 of its stores, including its store at Park West Village retail center in Morrisville. The Morrisville store is currently undergoing a clearance sale.

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