In November, Seacoast Christian Community Church paid about $7.5M for the 74,400 SF Shoppers Port Retail Center at 2039 Savannah Hwy (at I-526 terminus). Seacoast already occupied a large portion of the center, along with many traditional retail tenants. No article.
Monarch Investments, a value-add retail buyer out of Atlanta, made their second purchase in the CHS region with the acquisition of Shoppes at Centre Pointe, a 140,000 SF center anchored by Ashely Furniture and Staples, located across from Tanger Outlets in N CHS. Monarch paid a reported $16.5M or about $118/SF in December to special servicer CWCapital that had foreclosed on the center in early 2014. Monarch bought North Charleston Center a couple of years ago, paying DDR some $68/SF for that asset about two years ago. No article.
Lat Purser & Associates has purchased the long-challenged Ashley Oaks retail center built back in 1985 at the corner of Ashley River Road and Wappoo Road in West Ashley. The Charlotte-based value-add buyer paid $5.49M or about $98/SF back in November. Current anchors are Alberts Attic (used furniture and thrift store), Arts for Fitness, and the SC DMV; surely that lineup will be changing soon. No article.
The region’s first Wal-Mart Neighborhood Market, which opened in June, was sold to a family trust out of California at a reported $12.8M. The Post and Courier’s John McDermott has the announcement.
John McDermott of the Post and Courier shares an article on the sale of a seven-building manufacturing and warehouse facilities most recently occupied by Force Protection which once employed 1,000 persons that made military troop carriers that were resistant to roadside bombs. General Dynamics, which bought Force Protection in 2011, still occupies a portion of the building(s) on a total of 259 acres, of which more than 100 remains undeveloped. The buyer was JL Woode, a local investor with offices also in Chicago.
The 15-year old 360-unit Edgewater Plantation Apartments on Wando Park Blvd. was purchased by New York-based Blackstone Real Estate at $58M, or $161k/u, after selling just three years ago for about $39M according to the article (we hear $42.7M by the way). Also mentioned, the $320k/u sale of Elan at Midtown in November to JPMorgan and the suburban Woodfield Long Point that New York-based Sentinel bought at $215k/u. Colliers own Seth Clark is quoted in the article by Warren Wise of The Post and Courier.
CHS-based Jupiter Holdings has acquired 385 Meeting Street, an 81k SF 3-story office building adjacent to a large city parking deck. AT&T had previously occupied the building and later leased out a portion to The Charleston College of Law. The $15.6M ($193/SF) price tag includes a $3.6M payment to the city for the underlying dirt (AT&T had previously ground leased the site for $1/year). John McDermott of The Post and Courier has the story.
Local real estate executive Anthony Kassis of Mount Pleasant has purchased the former restaurant at 10 Exchange Street for about $1M (about $200/SF for the land alone) after it was listed earlier this year for $2.37M. Warren Wise of the Post and Courier has the brief story.
After announcing in September they would market their property at 106 Coming Street at $5.7M, the YWCA sold it for $8.2M to a local firm headed by Mount Pleasant-based Anthony McAlister who has built several student housing projects around College of Charleston. John McDermott of The Post and Courier has the story on the sale.
134 Meeting Street CMB LLC, led by Sullivan’s Island resident Pat Marr, purchased the 70,100 SF office building on Meeting Street between Cumberland and Queen Streets downtown. It sold for a reported $19.55M or about $279/SF excluding the land which is subject to a long-term ground lease. Other Marr-led investment groups have also purchased other downtown assets recently, namely the office building at 25 Calhoun Street and the 400 Meeting Street student housing community. John McDermott of The Post and Courier has the story on the acquisition of 134 Meeting Street.