Done Deals: JLL Capital Markets closes sale of the 221,054-square-foot Promenade at Carolina Reserve retail center in Indian Land, SC

Monday, June 26, 2023

JLL Capital Markets closes sale of the 221,054-square-foot Promenade at Carolina Reserve retail center in Indian Land, SC

Rikky Goswami

ATLANTA, GA, 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. The price was not disclosed.

JLL worked on behalf of the seller, Bandera Ventures.

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.

Jim Hamilton

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.

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.

Brad Buchanan

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.

Tom Kolarczyk

Within a five-mile radius of the property is a population of almost 70,000 and an average household income of almost $150,000.

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.