Updated Dec 4, 2024
Ziff Real Estate Partners Acquires Wando Crossing Retail Center In Mount Pleasant For $46.75M
1500 North Highway 17
$46,750,000
$218/SF
Building Size
214,000 SF
Asset Type
Retail
Closing
Nov 14, 2023
About this deal
AI
Ziff Real Estate Partners of East Cooper has acquired Wando Crossing, a 214,000-square-foot retail center located at 1500 North Highway 17 in Mount Pleasant, South Carolina. The property was sold by David R. Lukes, who represented Site Centers, for a total price of $46.75 million. The retail center is situated on 21 acres of land and offers excellent opportunities for commercial development in the Mount Pleasant market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $46,750,000
- Square Footage: 214,000 SF
- Address: 1500 North Highway 17, Mount Pleasant, SC
- Market: Mount Pleasant, SC
Christian Chamblee of Ziff Real Estate Partners represented the buyer in this transaction, highlighting their commitment to expanding their real estate portfolio in the area. David R. Lukes, acting as the seller's representative for Site Centers, facilitated the deal. The acquisition of Wando Crossing presents an exciting opportunity for Ziff Real Estate Partners to enhance their presence in Mount Pleasant and capitalize on the growing demand for retail space in the market.
Players
Mount Pleasant Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93