CHARLESTON, SC—Otranto Plaza, a 90,523-square-foot grocery-anchored shopping center in North Charleston, is up for grabs. Cohen Real Estate has the exclusive listing on the retail asset. The listing price is $4.25 million.
Located at 8780 Rivers Avenue (U.S. Highway 52) on the east side of the road just north of its intersection with Otranto Boulevard, 26,000-square-foot Piggly Wiggly anchors the retail plaza. China Garden, Carolina Spirits, and North Park Grill also call the shopping mall home.
Cohen senior managing director Vera Thomas is spearheading the marketing initiative on behalf of a long-term owner who is also selling River Bay Plaza, an 80,000-square-foot Winn-Dixie-anchored property in the Greater Tampa market.
According to Thomas, Piggly Wiggly’s sales have been increasing annually due to the area’s robust residential market. The retail center is also near the newly-constructed 1.2-million-square-foot Boeing plant, where 6,000 new jobs have been created.
“Given this uptick in the local employment market, there is great demand for housing and retail services,” Thomas tells GlobeSt.com, noting that property provides “tremendous upside potential” for a new investor. “Currently, the shopping center has 28,218 square feet of prime retail space available, giving a new owner the ability to greatly increase the property’s NOI by leasing the vacancy. At $47 per square foot, the price is beyond replacement and a great opportunity.”