Super-regional Charlotte-area retail center on the market

CHARLOTTE, Oct. 22, 2021 - JLL Capital Markets announced today that it has been engaged by Hutton Development Co. to exclusively market for sale Promenade at Carolina Reserve, a fully leased super-regional retail center with 255,868 square feet of multi-tenant space in the Charlotte-area community of Indian Land, South Carolina, for $75 million.

Promenade at Carolina Reserve was built in 2018 and is anchored by a best-in-class, high-performing tenant lineup that includes T.J.Maxx, Burlington, Ross Dress for Less, HomeGoods, Ulta Beauty, Hobby Lobby, Petco and Dollar Tree. Additionally, an investor has the opportunity to acquire up to five single-tenant outparcel pads totaling 22,410 square feet and occupied by Heartland Dental, The Habit Burger Grill, Taco Bell, Chili's and Mavis Discount, either together or on a one-off basis. According to Placer.ai, this 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.

The JLL Capital Markets Investment Sales Advisory team that is representing the seller is led by Senior Managing Director Jim Hamilton, Senior Directors Tom Kolarczyk and Brad Buchanan, Director Ryan Eklund and Associate Andrew Kahn.

"Promenade at Carolina Reserve is one of the best retail centers to be marketed for sale in 2021," Hamilton said. "The asset is located in one of the fastest growing submarkets in the U.S. and consists of dominant best-in-class anchors with significant lease term remaining"

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 sales and 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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