Real Properties Sells SC Power Center for $22M
- Jul 31, 2017
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.
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.
“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 Services