Franklin Street, a national commercial real estate services firm serving institutional and private clients nationwide, announced the $9.15 million sale of Brentwood Plaza, a 79,000-square-foot shopping center located at 4400 Dorchester Road in North Charleston, South Carolina. Franklin Street represented the seller, Malon D. Mimms Company, LLC, in the transaction with Host Property Group, LLC, as the buyer.
“This center was secured by a high-performing Food Lion anchor and a mix of service tenants,” Bryan Belk, executive managing partner, Franklin Street, said. “There was significant interest in this property because buyers saw the opportunity to increase rents as leases expired, making it an attractive investment resulting in more than 15 offers on the property.”
Built in 1965, the plaza is currently 100 percent occupied and anchored by Food Lion, one of South Carolina’s largest and most established grocery chains, which continues to see year-over-year sales growth. Brentwood Plaza benefits from a secure and diverse tenant mix, featuring nationally recognized and established businesses including CVS Health, Advance America, Cash America, Urban Gear, Aladdin Bail Bonds, and Wells Fargo. The combination of a long-standing grocery anchor, consistent occupancy, and high tenant retention provides the property with a stable foundation and continued appeal to both tenants and investors.
“The Charleston market has experienced significant growth, attracting national investors and bringing increased investment and attention to the local community,” said John Tennant, executive managing partner, Franklin Street. “The corridor is seeing continued multifamily and single-family residential growth, but high retail construction costs are driving investors toward existing assets where they can create value, like Brentwood Plaza.”
Belk and Tennant represented the seller in the transaction.
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