Stiles' First Retail Center in Charleston, S.C. Sells for $29M
Posted on 12/16/2021**Newly developed Publix-anchored center was 92% leased at time of sale
Stiles announced today that it has closed the $29 million sale of Point Hope Commons, a 75,000-square foot Publix-anchored neighborhood shopping center in Charleston, South Carolina. The property was purchased in a private transaction.
Located at Clements Road and Point Hope Parkway, Point Hope Commons was developed by Stiles in 2019 and serves as the primary retail center for Cainhoy, a new mixed-use community whose current development plans call for up to 9,000 single-family homes and over 500 acres of retail, restaurants, multifamily and office projects. The property is under development by a combination of Guggenheim corporate and family interests and being managed by the Daniel Island Development Company.
Point Hope Commons is highly visible with direct frontage along Clements Ferry Road and daily traffic counts exceeding 30,000 cars per day. It is currently 92% leased with an array of quality tenants, including Roper St. Francis Healthcare, Heartland Dental and Cainhoy Veterinary Hospital, in addition to Publix Supermarket.
"Point Hope Commons is our first project in South Carolina and the greater Charleston market, where we are looking to significantly ramp-up our development activity," said Justin Siemens, President of Stiles Carolinas. "We are fortunate to have had the opportunity to work with Daniel Island Company to help drive growth along Clements Ferry Road and activate the gateway to the larger Cainhoy development."
Since opening a regional office in Charlotte in 2012, Stiles has been rapidly expanding its brand throughout the Carolinas and beyond with new retail, office and residential developments. In addition to Point Hope Commons, Stiles has completed four retail shopping centers in Charlotte totaling 244,000 square feet. Stiles is also underway with Greenly Pointe, a 15-acre mixed-use development at the entrance of University Research Park off West Mallard Creek Church Road in Charlotte, and Grove Ninety-Eight, a 70-acre mixed-use development in Wake Forest planned for 200,000-square feet of commercial, 232 apartments and 400 "for sale" residential units.
In addition, Stiles is currently underway with two projects in Charlotte's South End submarket: 110 East, a planned 23-story office tower immediately adjacent to the East/West Station light rail stop; and Camden Exchange, a 291-unit, ultra-luxury multifamily/mixed-use tower located at the SW corner of Camden Rd. and W. Park Ave. that includes 9,500 square feet of retail and restaurant space and approximately 10,000 square feet of office.