May
18

Charleston’s Evanston Plaza Retail Center Sold

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evanstonBenbrooke Realty Investment Company has announced that it has acquired the Evanston Plaza Shopping center on Dorchester Road in North Charleston, South Carolina.

Evanston Plaza is a 71,050 square foot shopping center that was originally constructed in 1968. Currently 87% leased, it is anchored by a Rose’s Express department store, and located on the vibrant Dorchester Road corridor. Benbrooke will embark upon substantive property improvements, including façade and building modernization, and tenant repositioning to enhance the property’s visual appeal and commercial success. In anticipation of major enhancements to the nearby Charleston Airport, including the primary access shift to Dorchester Road, Benbrooke expects increased vehicular traffic and consumer demand for the Evanston Plaza property.

Substantial equity financing for the acquisition was provided by Chestnut Development Partners of Chattanooga, Tennessee. Chestnut is focused on making investments alongside experienced partners in development, redevelopment and value-add commercial real estate projects.

Drayton Calmes of the Norvell Real Estate Group facilitated the transaction and will serve as the property’s leasing agent. Pretium Property Management has received the property management assignment from the new owners.

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    Categories : Charleston

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