Grocery-anchored Summerville retail center acquired in $29M deal

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A New York-based commercial real estate investment company led a partnership in acquiring a grocery-anchored retail center in Summerville.

Kempner Properties LLC, a New York-based commercial real estate investment company, in partnership with the New York City-based Peter Braus and James Wacht of Lee & Associates, acquired Oakbrook Station, a 138,137 square foot grocery-anchored shopping center in Summerville, for $29 million, according to a news release.

The partnership also acquired a retail center in Connecticut for $33 million as part of the deal.

Kempner Properties, led by Peter Kempner, Rob Kempner and Doug Kempner, specializes in the acquisition and ownership of shopping centers and multifamily properties throughout the East Coast, the release stated. They teamed up with Peter Braus and James Wacht of Lee & Associates in this transaction.

“The acquisition of these two centers are terrific additions to our portfolio of over 30 properties,” said Doug Kempner in the release. “To identify these assets, we carefully evaluated shopping centers along the eastern seaboard focusing on grocery-anchored properties in strong and stable markets that also present opportunity for growth. Our strategy also focused on centers that had anchor tenants in place with long lease terms and a balanced mix of local and national co-tenants.”

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Oakbrook Station is anchored by Lowes Foods grocery store, with additional tenants in place, including USPS, Dollar Tree and Chase Bank, according to the release.

Barclays provided the mortgage financing in the amount of $18.65 million and Brad Buchanan of JLL represented both the buyer, Kempner Properties LLC, and the seller, LBX Investments.

“Oakbrook Station in Summerville, South Carolina is an extremely vibrant and growing market right outside of Charleston with strong employment and new residential development underway,” said Rob Kempner in the release. “The area’s strong demographics and the center’s excellent co-tenancy, high visibility and prime location were all significant factors in confirming our decision to acquire the property. Additionally, at Hilltop Commons, both Big Y and CVS have long term leases and recently added Dollar Tree and American Freight to the tenant roster, as well as a strong mix of national and local tenants in place.

“This is exactly what we look for when purchasing a grocery-anchored shopping center.”