{"id":1004137703,"date":"2016-02-25T03:09:49","date_gmt":"2016-02-25T11:09:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137703"},"modified":"2020-04-16T05:23:25","modified_gmt":"2020-04-16T13:23:25","slug":"alex-brown-realty-lat-purser-associations-acquire-charleston-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alex-brown-realty-lat-purser-associations-acquire-charleston-retail-center\/","title":{"rendered":"Alex. Brown Realty & Lat Purser Associations Acquire Charleston Retail Center"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Charleston, S.C.<\/strong>\u2014Alex. Brown Realty, Inc.<\/a> (ABR) of Baltimore and Charlotte-based Lat Purser Associations Inc.<\/a> recently acquired a 58,720-square-foot retail center in Charleston and announced plans for redevelopment.<\/p>\n

\"Ashley<\/a>

Ashley Oaks Plaza<\/p><\/div>\n

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.<\/p>\n

\u201cThe Charleston retail market has benefited from the area\u2019s job and population growth over the last five years,\u201d said Tom Burton, ABR\u2019s chief investment officer, in prepared remarks. \u201cWe plan to enhance the center\u2019s appeal with significant capital improvements, which should attract a major anchor tenant, as well as restaurants and other retailers.\u201d Ashley Oaks Plaza was 81 percent occupied upon acquisition, without the benefit of a traditional neighborhood center anchor.<\/p>\n

\u201cWe are very pleased to be partnering with Lat Purser on this transaction,\u201d said John Prugh, president &\u00a0CEO of ABR. \u201cWe 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Joint venture formed by Alex. Brown Realty and Lat Purser Associations acquired a Charleston neighborhood retail center. <\/p>\n","protected":false},"author":735,"featured_media":1004137704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21749],"tags":[32946,37928],"class_list":["post-1004137703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-retail","tag-alex-brown-realty-inc","tag-lat-purser-associates-incorporated"],"acf":[],"yoast_head":"\nAlex. 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