LBX Investments Sells Charleston-Area Shopping Center for $29M
LBX Investments has sold Oakbrook Station, a 138,137-square-foot grocery-anchored retail center in Summerville, S.C., with the assistance of JLL Capital Markets. Kempner Properties, in partnership with Peter Braus and James Wacht of Lee & Associates, purchased the asset for $29 million. Barclays provided a $18.7 million loan for the acquisition, according to CommercialEdge.
LBX Investments had purchased the property back in 2019 from RealtyLink for $22.2 million, the same source reveals. Completed in 1997 and renovated in 2017, the shopping center comprises three buildings spread across some 13 acres.
READ ALSO: What’s Ahead for Retail in 2024?
At the time of the sale, Oakbrook Station was 99 percent leased. Anchored by Lowes Foods, Community Thrift, Dollar Tree and United States Postal Service, the retail center has a diverse mix of tenants on its roster, such as Bank of America, Farm Bureau, Edward Jones, Jeff Cook and ATI. Experiencing a 40 percent increase in sales revenue over the past five years, Lowes Foods has 14 years of term remaining.
JLL Managing Director Brad Buchanan, Senior Director Tom Kolarczyk, Managing Director Jim Hamilton and Vice President Andrew Michols represented the seller.
A good location within Charleston MSA
Located at 10070 Dorchester Road, at the intersection of Ladson, Dorchester and Old Trolley roads, Oakbrook Station serves around 117,929 individuals within a 5-mile radius, with the average household income of approximately $95,692.
The shopping center benefits from its location within one of the fastest growing submarkets of the Charleston MSA, in an area where more than 2,200 single-family homes are under construction. Oakbrook Station receives approximately 7.4 million visitors per year, according to JLL.
The Charleston retail market continues to show noteworthy strength and resilience, according to a Lee & Associates report. Although investment sales were scarce in the third quarter of last year, the development pipeline totaled 636,695 square feet at the end of September, up 4.1 percent over the quarter.
The post LBX Investments Sells Charleston-Area Shopping Center for $29M appeared first on Commercial Property Executive.
