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GREENVILLE, SC-Delaware-based White Horse Plaza LLC has acquired White Horse Plaza. The 170,950-sf shopping center sits at 6119 White Horse Rd. for $7 million.

The seller was South Carolina-based White Horse Associates LLC, which was represented by Del Creviston, of Sperry Van Ness in Roswell, GA. The buyer represented itself. The property had been listed with another brokerage firm for a year prior to being marketed by Sperry Van Ness.

Built in 1988, the property was originally anchored by Wal-Mart and Winn Dixie. Approximately 10 years ago, these two tenants vacated and the property went into foreclosure. White Horse Associates, LLC acquired the property out of foreclosure and redeveloped it.

The center is located on 30.51 acres near Interstate 85. It is currently 96% occupied with major tenants including Dollar General, Fred’s and CitiTrends. “Though the property had been redeveloped and reconfigured, several of the larger leases were coming up for renewal and the property was in need of significant capital improvements, providing Sperry Van Ness with a challenging marketing program,” Creviston says. “While the property generated many interested prospects, most were concerned by the dollars needed to bring it back up to snuff. Ultimately, after much diligence and persistence, we identified an appropriate buyer and the property sold at a 9.5% cap rate.”

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