Case Study

Investment Properties Group sells West Ashley Shoppes in Charleston, S.C.

SRS Investment Properties Group was able to proficiently navigate short anchor lease terms, a hurricane, and the fact that the asset had been overexposed in the marketplace by a previous broker who was unable to perform, in successfully finding the right buyer for West Ashley Shoppes.

Deal Strengths

  • Located in the bourgeoning West Ashley neighborhood in Charleston, South Carolina
  • Tenant roster comprised of 82% national tenants
  • Credit anchor base accounts for 62.6% of the GLA and includes Ross, Bed Bath & Beyond, World Market and Party City

Deal Challenges

  • Aggregate anchor lease term under 5 years
  • Lack of tenants required to report sales
  • Positioned across the street from Citadel Mall – an aging ‘B’-caliber enclosed mall

 

Overview

ASSET SOLD

Power Center

YEAR BUILT/RENOVATED

1987/2003

SALE PRICE

Undisclosed

ANCHOR TENANTS
  • Ross Dress For Less
  • Bed Bath & Beyond
  • World Market
  • Party City
SALE DATE

October 26, 2016

NATIONAL/REGIONAL TENANTS
  • Once Upon a Child
  • Mattress Firm
  • Catherines
  • Leslie's Pool Supplies
  • Read's Uniforms
  • Republic Finance
TOTAL GLA

136,242 +/- SF

LAND

14.91 +/- AC

LAND

93.14%

 

 

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