Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.1 million sale of a 58.53-acre land site for the development of The Promenade at Carolina Reserve, an open-air retail power center south of Charlotte in Lancaster County, South Carolina.
The HFF team marketed the property for the seller, Lennar Corporation. The Hutton Company purchased the asset free and clear of existing debt.
The Promenade at Carolina Reserve will be developed to be a dominant regional power center that will be the future home of Burlington, Ulta Beauty, Hobby Lobby, Petco, TJ Maxx and Rack Room Shoes. Additionally, the retail center will include several outparcels for future development. The Promenade at Carolina Reserve site is at the intersection of US 521 and Jim Wilson Road in Indian Land, South Carolina, which is part of the Charlotte MSA, the fourth fastest-growing MSA in the United States. More than 43,400 residents earning an average annual household income of $104,484 live within a five-mile radius of the site.
The HFF investment sales team representing the seller included senior managing directors Travis Anderson and Richard Reid, director Thomas Kolarczyk and senior director Cory Fowler.
“The Promenade at Carolina Reserve is a rare, prime retail development site in a fast-growing, affluent suburb of the Charlotte MSA,” Reid said.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the company's homes and others. Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a national developer of high-quality multifamily rental properties. Previous press releases and further information about the company may be obtained at the "Investor Relations" section of the company's website, www.lennar.com.
About Hutton Company
Hutton is a real estate, development and construction company that has been steadily growing over the last 20 years. The company is focused on efficiency, speed and customer service; Hutton has done business across 37 states with 2,477,457 square feet of retail under construction and in development. To learn more about Hutton, please visit http://hutton.build/ .
About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
