Armada Hoffler has offered Nexton Sq. in Summerville, S.C., and Market at The Mill Creek in Mount Nice, S.C., each retail belongings within the Charleston space, for $82 million.
The blended cap price was within the low 6 p.c vary, for a revenue margin of greater than 20 p.c above the preliminary growth prices, in keeping with the corporate. The inclinations enabled Armada to repay the Nexton Sq. mortgage and acquire almost $60 million in money.
Armada had bought Nexton Sq. from RealtyLink for $18.5 million again in 2020, in keeping with CommercialEdge knowledge.
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Armada owns and manages a various portfolio of multifamily, workplace and retail belongings throughout the Mid-Atlantic and Southeastern U.S. In one in all its bigger strikes, in March 2023, the corporate paid $215 million for the workplace and retail elements of The Interlock’s Section One, a 9-acre, mixed-use growth in Atlanta’s West Midtown submarket.
A more in-depth look
Accomplished in 2020, the 133,608-square-foot Nexton Sq. encompasses 13 buildings on some 16 acres. The open-air life-style middle contains a mixture of regional and nationwide retailers together with Fuji Sushi, Wok N Roll, Wild Birds Limitless, Summerhouse Furnishings, Sportsbook, Daring Health and Brighton Animal Hospital, amongst others.
Positioned at 101 Nexton Sq. Drive, the property is inside Charleston’s Berkeley County submarket. Nexton Sq. serves greater than 10,000 single-family and multifamily models, in keeping with Armada, attributable to its location close to a 4,500-acre master-planned group.
Anchored by a 50,000-square-foot Lowes Meals, the almost 80,000-square-foot Market at Mill Creek got here on-line in 2018. The tenant roster on the property additionally contains Starbucks, Fuji Sushi, Marco’s Pizza, Supercuts, Sea Island Pressing Care and Agaves Cantina.
The three-building property on some 12 acres is at 2100 Freeway 41, in Mount Nice’s north space. In accordance with InvenTrust Properties, Market at Mill Creek serves a inhabitants of greater than 57,000 inside a 5-mile radius, with the common family earnings at virtually $180,000.
