Value-Add Retail Center for Sale in High-Growth Charleston Submarket

Wednesday, March 6, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 141,463-square-foot, neighborhood shopping center for sale in North Charleston, South Carolina. North Rivers Towne Center is an attractive value-add investment opportunity that is 73.4 percent occupied and anchored by Ross Dress for Less, Bed Bath & Beyond, Target (shadow) and Office Depot. The retail center for sale is situated along the highly trafficked Rivers Avenue corridor, which exposes the center to approximately 45,600 vehicles per day, and has convenient access off exit 209A on Interstate 26, which has approximately 190,600 vehicles per day. North Rivers Towne Center represents an exceptional opportunity to own a Target shadow-anchored asset with executable value-add upside in a high-growth Charleston submarket.

North Rivers Towne Center is positioned along a retail corridor that enjoys some of the highest retail sales volumes in the state of South Carolina. Most notable, Northwoods Mall, which is one mile away, is the highest-grossing mall in the region and draws more than 12 million visitors annually. In addition, this captive retail market of North Charleston benefits from two major employers, the Joint Base Charleston, which has more than 22,000 employees, and Boeing’s Dreamliner manufacturing plant, which employs more than 8,200 employees. This is a unique chance to own a value-add asset in a thriving market with excellent retail traffic, employment drivers and student population via Charleston Southern University and Trident Technical College.

Retail Property for Sale Investment Highlights

  • Relevant Demographics:  The shopping center benefits from a population of approximately 64,000 and average household incomes of approximately $58,000 within a three-mile radius. This area is expected to see population growth of approximately 10 percent in the next five years. In addition, a strong military presence from Joint Base Charleston helps to support retail fundamentals in the area.
  • Captive Retail Market:  North Rivers Towne Center is in a strong retail submarket that is concentrated around five large-format retail centers. There is minimal vacancy in this area and strong institutional ownership with the likes of Phillips Edison, CBL and American Realty Capital.
  • High Barriers-to-Entry Area:  Geographical constraints limit any new construction in the area, and future retail commercial development is unlikely because most of the land around Interstate 26 and east of Goose Creek Reservoir is already densely populated with residential homes.
  • Proximate to Economic Drivers:  This shopping center for sale is surrounded by a diverse economic base that includes Joint Base Charleston, Boeing South Carolina, Trident Health System, Charleston Airport, Mercedes-Benz, Volvo, Trident Technical College and Charleston Southern University.

For more information on this commercial real estate listing or any other retail properties for sale in the southeast, please contact Tom Kolarczyk or Brad Buchannan in HFF’s Carolinas and Atlanta offices. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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