Promenade at Carolina Reserve Sold
February 11, 2022 | Wilson
JLL Capital Markets announced this week 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 Indian Land.
Completed in 2018, Promenade at Carolina Reserve was fully leased at the time of sale to tenants including T.J. Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby, and Petco. The center also includes five single-tenant outparcel pads totaling 22,410 square feet, which are leased to Heartland Dental, The Habit Burger Grill, Taco Bell, Chili’s Grill & Bar, and Mavis Discount.
“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,” Managing Director Jim Hamilton of JLL Capital Markets 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.”
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.