West Ashley Shoppes Center Sold at $110/SF
A long-storied West Ashley retail center across from Citadel Mall, West Ashley Shoppes, at 946 Orleans Road, sold in December from special servicer CWCapital to a Dallas-based commercial value-add retail investor The Tabani Group. CWCapital had foreclosed on a reported $18.3M loan in early 2014 from a New Jersey-based investor, The Lamar Companies. The deed suggests Tabani paid $15,450,000, or about $110/SF. This is the first purchase in SC for Tabani; they bought a 50k SF center in Florida where they now own four assets. Warren Wise of The Post and Courier has the announcement here.
Posted on January 12, 2016, in CHS Retail, Retail/Retailers, The Post and Courier, Transactions, Uncategorized and tagged citadel, tabani, West Ashley Shoppes. Bookmark the permalink. Leave a comment.