Super-regional Charlotte-area retail center sells

ATLANTA, Feb. 9, 2022 – JLL Capital Markets announced today that it has closed the sale of Promenade at Carolina Reserve, a 100-percent-leased super-regional retail center with 255,868 square feet of multi-tenant space in the Charlotte-area community of Indian Land, South Carolina.

JLL marketed the property on behalf of the seller, Chattanooga, Tennessee-based Hutton, and Bandera Ventures acquired the asset.  

Completed in 2018, Promenade at Carolina Reserve 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 and Petco. Additionally, the center includes 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. According to Placer.ai, Promenade at Carolina Reserve 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.

Promenade at Carolina Reserve is located at the intersection of US 521 at Jim Wilson Road in Indian Land within the rapidly growing Charlotte metro area and just over the border in South Carolina. This affluent and educated suburban submarket is proximate to the Ballantyne and Rock Hill employment hubs that are home to 35 Fortune 500 companies and experiencing explosive home and population growth that is 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 that represented the seller is led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Senior Director Tom Kolarczyk, Director Ryan Eklund and Associate Andrew Kahn.  

“Promenade at Carolina Reserve, owned and developed by Hutton, was one of the most highly sought-after retail centers marketed for sale in the southeast over the past 12 months due to the prime location, best-in-class retailers and durable cash flow,” Hamilton said. “The offering received significant interest from a wide range of capital sources, including REITS, institutions, foreign and private capital. Retail investments have offered some the most attractive and stable risk adjusted returns throughout the pandemic, as many retailers have reported the strongest sales in over a decade. The sale is another example of how resilient the retail market has been coming out of the pandemic.” 

“We are thrilled for Hutton and proud to represent a firm that has contributed such an exceptional retail development to the Indian Land community,” Kolarczyk added. “This sale is a prime example of the incredible capital demand for Class A retail in the Carolinas. A highly competitive field, best-in-class center, and rapidly-growing market yielded a fantastic outcome for buyer and seller.”

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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