A busy Indian Land shopping center is for sale. It’s on the market for $75 million
One of the more popular Indian Land shopping destinations is now up for sale.
The more than 255,000-square-foot Promenade at Carolina Reserve is on the market for $75 million. JLL Capital Markets announced project developer Hutton Development Co. has put the site up for sale.
Promenade includes T.J. Maxx, Burlington, Ross Dress for Less and HomeGoods stores. It also has Ulta Beauty, Hobby Lobby, Petco and Dollar Tree. Up to five outparcel spaces are available too, at a combined 22,000-square-feet. They are occupied now by Heartland Dental, The Habit Burger Grill, Taco Bell, Chili’s and Mavis Discount.
Promenade was built in 2018. It’s located at U.S. 521 and Jim Wilson Road. It’s near Sun City and several other large residential developments along the Lancaster County panhandle. Indian Land, just south of Ballantyne and Charlotte, is one of the higher growth areas in the region and has been for a decade.
JLL Capital states there are almost 63,000 residents within a five-mile radius of Promenade.
“Promenade at Carolina Reserve is one of the best retail centers to be marketed for sale in 2021,” said Jim Hamilton, senior managing director with JLL Capital. “The asset is located in one of the fastest growing submarkets in the U.S. and consists of dominant best-in-class anchors with significant lease term remaining.”
Including surrounding outparcel spaces, Promenade opened with about 500,000 square feet of new retail and restaurant space. It’s part of a growing retail area that also includes the 310,000-square-foot RedStone shopping center, and others. Still more residential growth is planned in the area. It includes about 2,000 homes at Roselyn on Jim Harris Road, north of Jim Wilson Road.
