Grocery-anchored center in coastal South Carolina sells for $25.2M
JLL Capital Markets arranged the sale of the 118,440-sqaure-foot Bluffton Shopping Center in the dominant submarket of Bluffton, South Carolina
ATLANTA, Oct. 3, 2022 – JLL Capital Markets announced today that it has closed the $25.2 million sale of the 118,440-square-foot, grocery-anchored Bluffton Shopping Center in the dominant coastal submarket of Bluffton, South Carolina, which is just five miles from Hilton Head Island.
JLL represented the seller, Jaz Development, LLC, and Serota Properties acquired the asset.
Built in 2017, the 99-percent-occupied Bluffton Shopping Center is anchored by Aldi, the 6th largest grocery store chain in the world, as well as the PGA Tour Superstore and Hobby Lobby. Additional tenants include First Watch, Tropical Smoothie Café, Sleep Number, Aspen Dental, The Spirited Hand and Boutique Nails.
Situated at 1121 to 1135 Fording Island Rd., Bluffton Shopping Center benefits from the approximately 60,000 vehicles per day that pass along Fording Island Road, the only artery on and off Hilton Head Island. The center is home to the last grocer before entering the island. The property is also just 20 miles from the Port of Savannah, which has recently been named the fastest growing port in the United States. Additionally, The property is located within an affluent market with an average household income of $105,976 within a five-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Senior Director Tom Kolarczyk and Associate Andrew Kahn.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Jaz Development, LLC
David Oliver formed Jaz Development, LLC in March of 2008 after spending 16 years with the Stafford Development Company in various capacities. Oliver has been involved in over 1,500,000 square feet of new retail development in the Hilton Head/Bluffton, South Carolina area. Recent retail projects in Bluffton, SC by Jaz Development, LLC include a 185,000 square foot Wal-Mart Supercenter and 135,000 square foot Sam’s Wholesale Club (2017); a 118,000 square foot multi-tenant center featuring Hobby Lobby, PGA Tour Superstore, Aspen Dental, and Sleep Number (2018); and build to suit developments for Wells Fargo and Buffalo Wild Wings. Jaz Development, LLC will continue to operate in the commercial real estate development and investment arena with a focus on office and retail properties in Atlanta and Hilton Head, SC.
About Serota Properties
For over 50 years, Serota Properties has been a developer of first-class retail, office and residential property in the greater New York metropolitan area. Founded by Nathan L. Serota, in 1952, the company initially began as a builder of residential homes. However, since that initial group of homes built in Seaford L.I. was completed over five decades ago, Serota Properties has evolved into a full service real estate company. Today, Serota Properties operates a complete commercial property portfolio that runs across multiple property types. A seasoned team of real estate professionals are focused on the continued growth and expansion of its founder’s original vision of excellence.