Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a multi-tenant shopping center located at 10070 Dorchester Road in Summerville, South Carolina. The 138,166-square-foot retail center, anchored by Lowes Foods, was fully occupied at the time of sale. LBX Investments, a Los Angeles, California-based private fund, purchased the building for $22.2 million.
Stan Johnson Company’s Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, RealtyLink, a developer from Charleston, South Carolina.
“We received a significant amount of interest in this asset from both institutional and private capital,” said Holmes, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “While institutional capital is still seeking retail assets, the buyer market is much more selective than in past years. For that reason, it was imperative to leverage our deep experience in the private capital markets to access the highest number of possible buyers.”
The property is located just outside Charleston, South Carolina, which has been a highly desirable market for commercial real estate investors. Oakbrook Station was a redevelopment project, purchased by the seller in 2016 and completely renovated to make room for a new anchor along with several national and regional tenants including Dollar Tree, OneMain Financial, State Farm Insurance, and ATI Physical Therapy. The majority of the remaining occupants are veteran local tenants that have been at this location for five to 15 years.
“By bridging institutional and private capital, we generated 114 confidentiality agreements, and of the offers presented to the seller, 80 percent of them came from the private capital market,” Holmes added. “We ultimately landed on a private buyer, achieving optimal execution and pricing, closing just shy of our initial asking price.”