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Lexington Towne Centre sells to N.Y. buyer

Retail
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Lexington Towne Centre, a 131,809-square-foot retail center, has sold to a private New York buyer for $12.6 million.

Berkeley Capital and The Palomar Group represented the seller, Ziff Properties Inc., in the transaction.

The retail center at 914 N. Lake Drive at the Sunset Boulevard intersection includes Jimmy John’s, Food Lion, Cold Stone Creamery, Books-A-Million and Stein Mart. According to a flyer, Lexington Towne Centre I was developed in 2000, while Lexington Towne Centre II was added as an outparcel in 2003.

“While we are extremely pleased with the sale of this asset, it places further importance on the need for acquisitions in the arenas of self-storage, small-bay warehouse and retail,” Christian Chamblee, Ziff Properties COO and director of acquisitions, said in a news release.

Mount Pleasant-based Ziff Properties specializes in the development, acquisition and management of commercial properties in the southeastern U.S. The company, founded in 1992, has more than 500 tenants including Food Lion, Staples and Starbucks.

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