News release

$29M sale of grocery-anchored retail center Charleston MSA closes

JLL Capital Markets arranged the sale of the 138,137-square-foot Oakbrook Station in Summerville, South Carolina

January 31, 2024

Jenna Sharp

Capital Markets PR
+1 214 438 6450

ATLANTA, Jan. 31, 2024 – JLL Capital Markets announced today that it has closed the $29 million sale of Oakbrook Station, the 138,137-square-foot, grocery-anchored retail center located within the Charleston MSA in Summerville, South Carolina.

JLL represented the seller, LBX Investments, and Kempner Properties, a New York-based commercial real estate investment company, in partnership with the New York City-based Peter Braus and James Wacht of Lee & Associates, acquired the asset.

Built in 1997 and renovated in 2017, the 99-percent-occupied property is anchored by Lowes Foods, United States Postal Service, Community Thrift and Dollar Tree. The Lowes Foods currently has 14 years of term remaining and has experienced a 40% increase in sales revenue over the past five years. The property receives approximately 7.4 million visitors annually.

The property is situated at 10020 Dorchester Rd., 15 miles away from downtown Charleston. Nearby economic drivers include the Mercedes assembly plant and the Boeing Plant, as well as the Charleston International Airport and the Port of Charleston. Within a five-mile radius of the property is a population of 117,929, an average household income of $95,692 and over 2,200 under construction/proposed single-family homes.

The JLL Retail Capital Markets team that represented the seller was led by Managing Director Brad Buchanan, Senior Director Tom Kolarczyk, Managing Director Jim Hamilton and Vice President Andrew Michols

“Oakbrook Station is a dynamic neighborhood retail center located in one of the fastest growing submarkets of the Charleston MSA, and the property received significant interest from a wide variety of investor types.  Our team continues to see extremely strong investor demand for high-quality, grocery-anchored assets across the Southeast, and we are honored to have played a small role in the successful sale of Oakbrook Station,” said Buchanan and Kolarczyk.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About LBX Investments

LBX Investments is a diversified commercial real estate investment firm.  Led by former public company executives and backed by an industry-leading asset manager, LBX takes a proprietary, research-driven approach to identifying and investing opportunistically in mispriced assets. The company has a robust operating platform that oversees leasing, property management, asset management, construction, marketing, finance and accounting efforts and offers its partners and stakeholders best-in-class, institutional quality investments focused on consistent current cash flow, equity upside, and strong downside protection.  LBX Retail, a division of LBX, invests in open air shopping centers with a focus on acquiring high quality real estate with solid tenants in dynamic markets with strong demographics.  The Company pursues both value-add and core plus investments under this strategy, and has acquired more than $800million in real estate since 2016.

About Kempner Properties

Kempner Properties is a real estate investment company specializing in the acquisition and ownership of shopping centers, retail and multi-family properties. Kempner currently owns and manages a portfolio of retail and multi-family properties, primarily located in the Northeast Region of the United States and the New York metropolitan area. For further information, visit: