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North Charleston retail center fetches $17.1M
- March 30, 2020
A North Charleston retail center near Tanger Outlets recently sold for $17.1 million.
An affiliate of Olympic Property Management of Sugar Hill, Ga., bought The Shoppes at Centre Pointe, anchored by Ashley Furniture HomeStore, Staples and Dollar Tree off Centre Pointe Drive on March 20, according to the real estate advisory group The Shopping Center Group.
The previous owner, Monarch at Centre Pointe LLC of Atlanta, paid $16.5 million for the nearly 14-acre site in 2015, according to Charleston County land records.
The sale required the assumption of existing financing by the buyer. No additional terms were available.
“Shoppes at Centre Pointe benefits from a very strong location at the intersection of the two primary highways in Charleston, Interstates 26 and 526,” said Anthony Blanco of The Shopping Center Group.
“Nearby are Tanger Outlets, Boeing Co.’s Charleston headquarters, the Charleston Area Convention Center and 20 first-class hotels, all of which enhance customer traffic in the area,” Blanco said.
He added that Ashley Furniture’s store is newly renovated and the tenants in the retail center “have a long history of successful operations at the property.”
Built in 2006, The Shoppes at Centre Pointe is a 139,688-square-foot retail center at Centre Pointe Drive and Wetland Crossing Road. Sam’s Club and Walmart are nearby.
The site is 98 percent leased and also includes Dunkin’ Donuts, Moe’s, Budget Blinds, McAlisters Deli, Sally Beauty, GameStop, Cici’s Pizza and other local service providers and restaurants, according to Jeff Yurfest with The Shopping Center Group.
Only two small slots are available in the 22-tenant shopping center.
A new report on rental rates before the coronavirus outbreak shows prices rose in February in the Charleston area.
Santa Barbara, Calif.-based apartment listing service RentCafe shows the average rent in Charleston last month rose 4.7 percent year-over-year to $1,372, usually the most expensive in South Carolina.
The report said the average rental cost in North Charleston jumped 4.9 percent in February to $1,078 while the cost to rent in Columbia climbed 4.3 percent to $1,090.
The report did not include any other cities in the Palmetto State.
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