ATLANTA, Jan. 31, 2024 -JLL Capital Markets announced today that it has closed the $29 million sale of Oakbrook Station, the 138,137-square-foot, grocery-anchored retail center located within the Charleston MSA in Summerville, South Carolina.
JLL represented the seller, LBX Investments, and Kempner Properties, a New York-based commercial real estate investment company, in partnership with the New York City-based Peter Braus and James Wacht of Lee & Associates, acquired the asset.
Built in 1997 and renovated in 2017, the 99-percent-occupied property is anchored by Lowes Foods, United States Postal Service, Community Thrift and Dollar Tree. The Lowes Foods currently has 14 years of term remaining and has experienced a 40% increase in sales revenue over the past five years. The property receives approximately 7.4 million visitors annually.
The property is situated at 10020 Dorchester Rd., 15 miles away from downtown Charleston. Nearby economic drivers include the Mercedes assembly plant and the Boeing Plant, as well as the Charleston International Airport and the Port of Charleston. Within a five-mile radius of the property is a population of 117,929, an average household income of $95,692 and over 2,200 under construction/proposed single-family homes.
The JLL Retail Capital Markets team that represented the seller was led by Managing Director Brad Buchanan, Senior Director Tom Kolarczyk, Managing Director Jim Hamilton and Vice President Andrew Michols
"Oakbrook Station is a dynamic neighborhood retail center located in one of the fastest growing submarkets of the Charleston MSA, and the property received significant interest from a wide variety of investor types. Our team continues to see extremely strong investor demand for high-quality, grocery-anchored assets across the Southeast, and we are honored to have played a small role in the successful sale of Oakbrook Station," said Buchanan and Kolarczyk."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 31 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2024 21:57:27 UTC.
