BALTIMORE--(BUSINESS WIRE)--Alex. Brown Realty, Inc. (ABR) and Lat Purser Associations, Inc., a Charlotte, North Carolina-based investment firm, have acquired Ashley Oaks Plaza in Charleston, South Carolina, and have announced plans to redevelop the retail center. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4.0 million in the joint venture.
The 58,720 sf retail center is located less than six miles from downtown Charleston in the Ashley River Road retail corridor, and is in close proximity to both the largest regional mall in Charleston and I-526. The property was developed in 1985 as a neighborhood shopping center and will undergo extensive redevelopment and eventual rebranding by the joint venture.
“The Charleston retail market has benefitted from the area’s job and population growth over the last five years,” commented Tom Burton, ABR’s chief investment officer. “We plan to enhance the center’s appeal with significant capital improvements, which should attract a major anchor tenant, as well as restaurants and other retailers.” Upon acquisition, Ashley Oaks Plaza was 81% occupied without the benefit of a traditional neighborhood center anchor.
“We are very pleased to be partnering with Lat Purser on this transaction,” said John Prugh, president and CEO of ABR. “We anticipate that their extensive experience with this product type will result in the successful repositioning of the asset and ultimately bode well for our investors.”
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Lat Purser Associations, Inc. is a Charlotte, North Carolina-based real estate investment firm founded in 1961. Lat Purser is focused on maximizing the value of commercial real estate and multifamily assets throughout the southeast. www.latpurser.com