By Adelina Osan, Associate Editor
Charleston, S.C.—Alex. Brown Realty, Inc. (ABR) of Baltimore and Charlotte-based Lat Purser Associations Inc. recently acquired a 58,720-square-foot retail center in Charleston and announced plans for redevelopment.
Ashley Oaks Plaza is located less than six miles from downtown Charleston in the Ashley River Road retail corridor, and is in close proximity to both the largest regional mall in Charleston and I-526. Completed in 1985 as a neighborhood shopping center, the property will undergo extensive redevelopment and rebranding process by the joint venture. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4 million in the joint venture.
“The Charleston retail market has benefited from the area’s job and population growth over the last five years,” said Tom Burton, ABR’s chief investment officer, in prepared remarks. “We plan to enhance the center’s appeal with significant capital improvements, which should attract a major anchor tenant, as well as restaurants and other retailers.” Ashley Oaks Plaza was 81 percent occupied upon acquisition, without the benefit of a traditional neighborhood center anchor.
“We are very pleased to be partnering with Lat Purser on this transaction,” said John Prugh, president & CEO of ABR. “We anticipate that their extensive experience with this product type will result in the successful repositioning of the asset and ultimately bode well for our investors.”