HFF announces $10.72M sale of grocery-anchored shopping center near Greenville-Spartanburg
CHARLOTTE, NC – November 1, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.72 million sale of Five Forks Shopping Center, a 70,177-square-foot, fully leased, BI-LO-anchored neighborhood shopping center in the Greenville-Spartanburg community of Simpsonville, South Carolina.
The HFF team marketed the property for the seller, Retail Properties of America, Inc. (NYSE: RPAI). RealtyLink, LLC purchased the asset free and clear of existing debt.
Situated on 11.8 acres at 2603 and 2607 Woodruff Road, Five Forks Shopping Center is at the “main and main” intersection of Woodruff Road (Highway 146) and Five Forks Road (Highway 296) in Simpsonville, one of the fastest-growing and most affluent submarkets of the Greenville-Spartanburg MSA. The center is in one of the Greenville area’s main retail corridors. More than 50,641 residents earning an average annual household income of $115,097 live within three miles of the center. Five Forks Shopping Center was completed in two phases in 1999 and 2004 and, in addition to anchor BI-LO, is home to a diverse mix of tenants, including Verizon Wireless, Sports Clips, El Jalisco, ABC Liquor and Oxford Cleaners.
The HFF investment sales team representing the seller included director Thomas Kolarczyk, director Brad Buchanan and senior managing directors Richard Reid and Barry Brown.
“Five Forks Shopping Center is a uniquely positioned, high-performing, grocery-anchored center that will benefit from sustained population growth in a retail corridor with affluent demographics," Kolarczyk said. “This is an opportune time to buy well-located necessity-based retail real estate that is performing well today and will be resilient throughout multiple investment cycles.”
Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located shopping centers in the United States. As of June 30, 2017, the company owned 132 retail operating properties representing 23.3 million square feet. The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the company is available at rpai.com.
About RealtyLink, LLC
RealtyLink is one of the nation’s top commercial real estate firms for retail and restaurant development. Headquartered in Greenville, South Carolina, with offices in Birmingham, Alabama; North Charleston, South Carolina; and Milwaukee, Wisconsin. Their team has developed over 1,000 nationally known restaurants and retail establishments throughout the Southeast and beyond, culminating in over 500 projects. Eighty percent of the company’s business comes from repeat business. RealtyLink clients return for the accountability, efficiency and transparency RealtyLink brings to the deal. Learn more at realtylinkdev.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.