A North Charleston shopping center located near the Tanger Outlets has sold for $17.1 million to a Georgia property management company.
The Shoppes at Centre Pointe is a 139,688-square-foot shopping center at the intersection of Centre Pointe Drive and Wetland Crossing Road. The center, completed in 2006, is anchored by Ashley Furniture, Staples and Dollar Tree. It is 98% leased.
Olympic Property Management, based in Sugar Hill, Ga., purchased the shopping center from Atlanta-based real estate company Monarch Investments. Monarch was represented by The Shopping Center Group, a retail-focused real estate advisory firm.
The sale closed last week.
Jeff Yurfest, a leasing representative with The Shopping Center Group, said the fact that Olympic was still willing to go through with the purchase amid concerns about the new coronavirus is a sign of how strong The Shoppes at Centre Pointe is as an asset.
“They still felt comfortable with continuing with the transaction based on the fact of the long-term success of these tenants,” Yurfest said. “They felt that these were the type of tenants that would weather the storm.”
He added that several of the shopping center’s tenants have already gone through their initial lease term and have exercised options to renew.
“The long-term success of the tenants made this center a safe purchase,” Yurfest said.
Another section of The Shoppes at Centre Pointe was sold in 2016 for $22.4 million to Rose FP LLC, based in Hoffman Estates, Ill.