Matthews Real Estate Investment Services™ has arranged the $22.075 million sale of Low Country Village, a 140,000-square-foot power center located in Bluffton, SC. Scott Henard, SVP and Regional Director of Shopping Centers for Matthews™, led the transaction on behalf of the seller, Real Properties of America Inc (RPAI), and sold to an undisclosed private California buyer.
“This was a unique assignment in that 89% of the income was being generated by the 5 national boxes that all had near-term expirations of 3 ½ years or less and we were able to generate a lot of interest and aggressive pricing”, says Henard. “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.”
Located just outside the world-class travel destination of Hilton Head, this “Class A” power center was 100% occupied at the time of sale by fourteen tenants, including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. The property was built in 2001 and is uniquely positioned between two Tanger Factory Outlet Centers.
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in shopping center, STNL, Multifamily, Management, portfolio disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.