Real Properties Sells SC Power Center for $22M
Built in 2001, the 140,000-square-foot Low Country Village was 100 percent occupied at the time of sale by 14 tenants.
By IvyLee Rosario
Low Country Village
Real Properties of America Inc. sold Low Country Village, a power center in Bluffton, S.C. to a private California buyer for $22.1 million. Matthews Real Estate Investment Services‘ Senior Vice President & Regional Director of Shopping Centers Scott Henard, arranged the sale on behalf of RPAI.Â
Full OccupancyÂ
Built in 2001, the 140,000-square-foot power center was 100 percent occupied at the time of sale by 14 tenants. Notable retailers include Pier 1 Imports, Cost Plus World Market, Ross Dress for Less, Big Lots and Michaels. The property is located between two Tanger Factory Outlet Centers just outside of Hilton Head.Â
“This was a unique assignment in that 89 percent of the income was being generated by the five national boxes that all had near-term expirations of 3.5 years or less and we were able to generate a lot of interest and aggressive pricing,” said Henard, in prepared remarks. “The buyer chose this asset because of its barriers to entry and strong historical performance. The short-term maturities will also allow them to increase value as below-market rents roll.”
Image courtesy of Matthews Real Estate Investment ServicesÂ
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