Warren Wise has uncovered plans for two grocers planning stores in metro CHS – a new Publix at 1411 Folly Road on James Island, not far from a very successful Publix to the north at 520 Folly Road (and Harbor View Road).
Also, Sav-A-Lot will (open in mid-June) a new 16,000 SF store at Oak Ridge Plaza Shopping Center at 5060 Dorchester Road; that’s just outside I-526.
We’ve also heard about yet another grocery store for Mount Pleasant.
10 WestEdge is a 9-story mixed-use development with a 5-story parking deck that will replace the Crosby’s Seafood at 382 Spring Street as part of the Horizon development now known as WestEdge re-development with MUSC. A ground floor 45,800 SF grocery store is part of 10 WestEdge. An announcement is due soon, but rumors are that Publix or possibly HarrisTeeter is the chosen one. See the article here from Warren Wise of The Post and Courier.
Publix is now its own landlord in Daniel Island. They bought the Daniel Island Town Center at 162 Seven Farms Drive for about $13.825M, or about $200/SF. The article, from Warren Wise of The Post and Courier, mentions that the seller paid $8.5M back in 2010; actually, Aetna Life Insurance foreclosed on the developer for the note of that same amount.
With about $2B (BILLION) in cash, Publix is on a Southeast buying spree on behalf of its own employee pension fund, where they have bought dozens of well-located long-term strategic centers over the past 5 years to pay themselves rent but also control their own destiny in terms of store expansions, renovations and hand-selecting tenants to join them (instead of compete with them). We at Colliers sold them one in Jacksonville Beach FL at what is believed to be the lowest cap rate ever paid for a stabilized Publix center.
The Publix-anchored Palmetto Pavillion retail center sold to Phillips Edison Co for about $11.775M or about $178/SF, according to Real Capital Analytics. No article.
Kimco Realty, the New York REIT that owns Westwood Plaza, is planning for a grocer to take the boxes vacated by Marshall’s and as Office Depot re-locates to a smaller store within the center. With that unnamed grocer taking the 50k remaining, Kimco will also renovate the center. Any bettors picking the grocer not being one that starts with a
“P” ? Abigail Darlington has the brief quasi-announcement for The Post and Courier.