JLL Capital Markets closed the sale of the 221,054-square-foot Promenade at Carolina Reserve in Indian Land, South Carolina
News release
26 June 2023
Super-regional shopping center in the Charlotte MSA sells
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ATLANTA, June 26, 2023 – JLL Capital Markets announced today that it has closed the sale of Promenade at Carolina Reserve, a 221,054-square-foot, super-regional retail center located in the Charlotte, North Carolina MSA in Indian Land, South Carolina.
JLL worked on behalf of the seller, Bandera Ventures.
Built in 2018, the 100-percent-occupied Promenade at Carolina Reserve is anchored by TJ Maxx, Burlington, Ross, Hobby Lobby, HomeGoods, Ulta, Petco and Dollar Tree and is shadow-anchored by ALDI. 100% of GLA is represented by a national or regional tenant, and the property features a Weighted Average Term Remaining of 6.7 years. The property receives approximately 2.3 million annual visitors.
Situated at U.S. 521 at Jim Wilson Rd., the center is located just 20 miles to downtown Charlotte.
It benefits from proximity to the Ballantyne and Rock Hill employment hubs, which include four million square feet of Class A office space. Within a five-mile radius of the property is a population of almost 70,000 and an average household income of almost $150,000.
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 and Associate Andrew Kahn.
The buyer was represented by Rikky Goswami with Insight Property Group. Insight Property Group is a privately owned commercial real estate firm based in Raleigh, North Carolina focused on assisting clients in the greater Triangle region.
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 and sales 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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bandera Ventures
Bandera Ventures was founded in 2003 by Charles Anderson, Pryor Blackwell, and Thomas Leiser. The company was created to responsibly develop, acquire, own, and operate commercial real estate. The three founding principals are all former partners and senior executives at Trammell Crow Company with over 140 years of combined commercial real estate experience.