Koury Corporation Names Six National Retailers for Mebane's Third and Wood Development

Greensboro-based Koury Corporation confirmed on March 26 that it has signed leases or letters of intent with six national retail chains for Third & Wood, its mixed-use development near the corner of Trollingwood-Hawfields Road and Interstate 40 in Mebane: Marshalls, Burlington Coat Factory, Five Below, HomeGoods, Michaels and PetSmart.

The six retailers fill a range of store sizes at the roughly 305,000-square-foot center. HomeGoods will occupy the largest of the new spaces at 23,170 square feet, followed by Marshalls at 22,925 square feet, Michaels at 20,502 square feet, Burlington Coat Factory at 20,000 square feet, PetSmart at 16,462 square feet and Five Below at 8,470 square feet.

Target was the first tenant secured at Third & Wood, with the Minneapolis-based retailer purchasing 10.7 acres from Koury for $1.975 million in January 2025 to build a store of approximately 126,800 square feet, which will be Target's second location in Alamance County. That deed was filed with Alamance County's Register of Deeds at the time of the purchase.

Third & Wood is planned as a mixed-use project on an 83-acre site, with the commercial component joined by 683 multifamily housing units on the back portion of the property. The center is designed with highway visibility from I-40, ample parking and what Koury describes as a walkable layout.

With the six new announcements, approximately 85 percent of the project's space is now leased, leaving about 45,000 square feet of retail and restaurant space available. Beyond those open slots, Koury has already secured letters of intent for five additional spaces and is finalizing leases for seven more, though the developer has not disclosed the identities of those prospective tenants.

"We have seen strong demand for our Third & Wood project from many national, regional and local retailers and restaurants," said Mike Longmore, Senior Vice President of Commercial Real Estate for Koury Corp. "We are excited to bring this quality project to the Mebane community to serve the needs of the area."

The project cleared a significant local government hurdle in December 2024, when Mebane's city council approved conditional rezoning contingent on two access points serving the residential component. At that meeting, a Koury representative identified a 1.67-acre parcel owned by Alamance County along Third Street Extension, adjacent to the Target site, as the location for the required second entrance, which the state Department of Transportation mandated. Koury's lawyers told city officials the developer had that county-owned parcel under contract.

Construction timelines, planned store opening dates and the identities of the tenants behind the remaining letters of intent and pending leases have not yet been announced.