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1500 North Highway 17

Updated Dec 4, 2024

Ziff Real Estate Partners Acquires Wando Crossing Retail Center In Mount Pleasant For $46.75M
SOLDRetail

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

David Lukes

SITE Centers

Seller

$1.7B

vol

30 deals

Seller

Mount Pleasant Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $218 per square foot on a published $46.8M for 214,000 square feet (2023).

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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

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