Super regional retail center in Charlotte MSA sells for $9.9M
JLL Capital Markets closed the sale and arranged a $6.56M acquisition loan for the grocery-anchored Lancer Center in Lancaster, S.C.
CHARLOTTE, N.C., June 3, 2021 – JLL Capital Markets announced today that it has closed the $9.9 million sale of and arranged $6.56 million in acquisition financing for Lancer Center, a 178,626-square-foot super regional shopping center anchored by KJ’s Market in the Charlotte-area community of Lancaster, South Carolina.
JLL marketed the property, and Medalist Diversified REIT Inc. acquired the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, fixed-rate acquisition loan with Cooperative Business Services LLC, represented by TJ Simyak in their Richmond, Virginia, office.
Lancer Center was constructed in 1983 and most recently renovated in 2013. The 97%-leased center is home to KJ’s Market, Big Lots!, Harbor Freight Tools, CitiTrends, Badcock Furniture, Hibbett Sports, Kid’s First Dental, PetSense and more.
Situated on 19.94 acres at 1256 Highway 9 Bypass W along Lancaster’s main retail corridor, Lancer Center is proximate to downtown Lancaster along with several major company headquarters and adjacent to the University of South Carolina - Lancaster. The center is in Lancaster County, which is home to more than 95,000 resident and projected to grow by 11.5% before 2024.
The JLL Retail Capital Markets team that represented the seller was led by Senior Director Tom Kolarczyk.
“This sale and financing are a testament to two exceptional firms and their ability to navigate a challenging transaction environment,” Kolarczyk said. “Lancer Center is a staple of the Lancaster community and is home to several essential retailers. Medalist REIT adds another stable, high-performing retail asset to their portfolio.”
The JLL Debt and Equity Placement team representing the borrower included Director John Gavigan.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Medalist Diversified REIT Inc.
Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due
diligence of acquisitions. The company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the company website at medalistreit.com.