Super-regional Charlotte-area retail center on the market
JLL Capital Markets is marketing the Promenade at Carolina Reserve for $75M
CHARLOTTE, Oct. 22, 2021 – JLL Capital Markets announced today that it has been engaged by Hutton Development Co. to exclusively market for sale Promenade at Carolina Reserve, a fully leased super-regional retail center with 255,868 square feet of multi-tenant space in the Charlotte-area community of Indian Land, South Carolina, for $75 million.
Promenade at Carolina Reserve was built in 2018 and is anchored by a best-in-class, high-performing tenant lineup that includes T.J.Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby, Petco and Dollar Tree. Additionally, an investor has the opportunity to acquire up to five single-tenant outparcel pads totaling 22,410 square feet and occupied by Heartland Dental, The Habit Burger Grill, Taco Bell, Chili’s and Mavis Discount, either together or on a one-off basis. According to Placer.ai, this is the most visited retail center in a five-mile radius, given its 2.27 million annual visitors, and pulls from an extended trade area that includes a more than 50-mile radius and 305,000 customers.
Located at the intersection of US 521 at Jim Wilson Road, Promenade at Carolina Reserve is in Indian Land just over the border between North and South Carolina within the rapidly growing Charlotte metro area. This affluent and educated suburban submarket is near the Ballantyne and Rock Hill employment hubs that are home to 35 Fortune 500 companies, and the area is experiencing explosive home and population growth estimated to increase 22 percent over the next five years. Currently, more than 62,740 residents earning an average annual household income of $135,965 live within a five-mile radius of the property.
The JLL Capital Markets Investment Sales Advisory team representing the seller is being led by Senior Managing Director Jim Hamilton, Senior Directors Tom Kolarczyk and Brad Buchanan, Director Ryan Eklund and Associate Andrew Kahn.
“Promenade at Carolina Reserve is one of the best retail centers to be marketed for sale in 2021,” Hamilton said. “The asset is located in one of the fastest growing submarkets in the U.S. and consists of dominant best-in-class anchors with significant lease term remaining”
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 sales and 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.