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Charleston retail center, 92% leased less than 3 years after opening, sells for nearly $29M
A two-and-a-half-year-old shopping center in Charleston that’s 92 percent leased recently changed hands for nearly $29 million.
Stiles Corp. of Fort Lauderdale, Fla., sold the Publix-anchored Point Hope Commons retail center that it developed and opened in 2019 on Clements Ferry Road for $28.75 million, according to Berkeley County land records.
The buyer is a firm in Madison, N.J., called PR II Point Hope Commons LLC, an affiliate of Prudential Real Estate Advisors.
Stiles bought the property in 2018 for $4.3 million, according to land records. The developer sold a corner parcel in 2020 to Refuel Operating Co. for $2.4 million. A Refuel convenience store and gas station opened in November on the site.
The 75,000-square-foot retail center at Point Hope Parkway is part of the large new development of Cainhoy Plantation, where 9,000 single-family homes and more than 500 acres of retail, restaurants, multifamily and office projects will eventually be built.
“Point Hope Commons is our first project in South Carolina and the greater Charleston market, where we are looking to significantly ramp-up our development activity,” said Justin Siemens, president of Stiles Carolinas, the developer’s Charlotte-based regional office.
The Shelmore office building was once a Bi-Lo supermarket in Mount Pleasant. Collett Capital and Lions Gate Capital/Provided
Former supermarket transformed into office space now 50% leased
Once a Bi-Lo supermarket, The Shelmore, as its now called, is a multitenant office building near the I’On neighborhood in Mount Pleasant.
By the numbers
3: Number of new restaurants that opened during the past week or are coming to Summerville and James Island.
12.6: Millions of dollars paid for a West Ashley office building.
440: Number of apartment units proposed for a possible new multifamily development where the former International Longshoremen’s Association headquarters sits in Charleston.
This week in real estate
+ What’s cooking?: The Jasper mixed-use development on Charleston’s southern peninsula inked deals for two new dining venues that will open by the end of 2022.
+ Home run: Charleston-area residential transactions reached a new record in 11 months this year as 22,154 homes changed hands through November. That’s already 12 percent more than last year during the same time span, and 328 more than all of 2020.
+ Poised for growth: The Nexton Parkway interchange at Interstate 26 in Summerville opened three years ago, and a mix of commercial and residential projects are in the works that will spur development, including a new Publix supermarket announced Dec. 17 that’s coming to Nexton.
$220M investment
Middle Street Partners of Charleston will build a 271-unit apartment project at 430 Manufacturers Road in Chattanooga, Tenn., starting in early 2022. It’s part of a $220 million investment in three new multifamily developments in Tennessee. Middle Street Partners/Rendering provided
Charleston-based developer Middle Street Partners is investing $220 million to build 3 new apartment projects in Nashville and Chattanooga, Tenn. Rendering provided
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