One of the biggest shopping centers in York, Lancaster or Chester counties just sold
Promenade at Carolina Reserve has a new owner.
According to a release from JLL Capital Markets, the Indian Land shopping center property sold from Tennessee-based developer Hutton Development Co. to Bandera Ventures. Promenade is located on Charlotte Highway at Jim Wilson Road, not far from Sun City and other growing areas on the Lancaster County panhandle.
County land records don’t yet show the sale. They list Hutton as the owner of the 22-acre main property, bought in 2017 for more than $10 million. It had been sold in 2006 from a private owner to a land venture company for $2.3 million. Land records value the property now at almost $24 million.
Buildings on site were constructed in 2018 and 2019. They include about 255,000 square feet of shopping spaces for Burlington, Hobby Lobby, HomeGoods, Petco, Ross Dress for Less, T.J. Maxx and Ulta Beauty. There are outparcel spaces for Chili’s, Heartland Dental, Mavis Discount, Taco Bell and The Habit Burger Grill.
The super regional shopping center draws from a growing population in Indian Land, but also its placement between Rock Hill and Fort Mill on its South Carolina side, and the Charlotte and Ballantyne markets just up U.S. 521 in North Carolina.
Jim Hamilton, senior managing director with JLL Capital Markets, said in a release the property was one of the most sought-after retail sites for sale in the Southeast in the past year due to its location and retail lineup.
“Retail investments have offered some the most attractive and stable risk adjusted returns throughout the pandemic, as many retailers have reported the strongest sales in over a decade,” Hamilton said. “The sale is another example of how resilient the retail market has been coming out of the pandemic.”
Bandera Ventures began in 2003. The company develops, acquires, owns and operates commercial real estate properties.
Last fall, JLL announced Promenade was on the market for sale at $75 million.
This story was originally published February 10, 2022 at 2:24 PM.
