JLL announces sale and financing for Charleston-area retail center
North Rivers Towne Center is in a high-traffic location in North Charleston
CHARLOTTE, N.C., July 16, 2019 – JLL announces that it has closed the sale of and arranged acquisition financing for North Rivers Towne Center, a 141,463-square-foot neighborhood shopping center in North Charleston, South Carolina.
JLL marketed the property on behalf of the seller, Retail Properties of America, Inc. LBX Investments purchased the asset. Working on behalf of the new owner, JLL placed the five-year floating-rate acquisition loan with MetLife Investment Management (“MetLife”).
Situated on 16.71 acres at 7250 Rivers Avenue, North Rivers Towne Center is in a highly trafficked location visible to about 45,600 vehicles a day. The center, which has convenient access to Interstate 26 at exit 85, is positioned along the Rivers Avenue Corridor, which has some of the highest retail sales volumes in South Carolina. The center is proximate to the Northwoods Mall, which welcomes more than 12 million annual visitors, and Joint Base Charleston, which employs more than 22,000 people. The center’s tenants include Ross Dress for Less, Bed Bath & Beyond, Office Depot, David’s Bridal, Great Clips, Five Guys Burgers & Fries, Firehouse Subs and Cold Stone Creamery along with a Target shadow anchor.
The JLL Capital Markets team representing the seller was led by directors Thomas Kolarczyk, Brad Buchanan and Mike Allison along with senior managing director Jim Hamilton.
“This was a unique, value-add retail offering in a growth market that received exceptional interest and double-digit offers,” Kolarczyk said. “We are excited for both parties in this transaction and look forward to watching the retail evolution in this submarket.”
The JLL Capital Markets team representing the new owner included managing director Gregg Shapiro and senior director Cory Fowler.
“The competitive terms and flexibility that MetLife was able to arrange for the North Rivers Towne Center financing will enable LBX to execute a significant business plan for this well-positioned shopping center that sits in the heart of one of Charleston’s fastest-growing suburbs,” Shapiro said.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Retail Properties of America, Inc.
Retail Properties of America, Inc. (RPAI) is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2019, the company owned 105 retail operating properties in the United States representing 20.1 million square feet. The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at www.rpai.com.
About LBX Investments
LBX Investments owns and operates neighborhood and community shopping centers located in the southeastern region of the U.S. LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities.