Summerville retail center acquired for $60 million

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An affiliate of Northbrook-based Pine Tree, in partnership with London-based Blue Coast Capital, acquired Azalea Square, a market-dominant shopping center in Summerville, for $59.7 million.

At 270,000 square feet — not including shadow-anchors Target and Kohl’s — Azalea Square features national retailers TJ Maxx, Ross Dress for Less, Ulta Beauty, Five Below, Dick’s Sporting Goods, Petsmart, and Best Buy, among others, according to a news release.

Azalea Square marks the first asset acquired by the joint venture between Blue Coast Capital and Pine Tree and the second asset managed by Pine Tree in South Carolina, the release stated. 

“We’re excited to announce the acquisition of Azalea Square and a new partnership with Pine Tree,” said Hector Caldera, president of U.S. Real Estate at Blue Coast Capital, in the release. “Azalea Square’s location in the growing market of Charleston along with the exceptionally strong tenant performance made the asset attractive to the partnership.”

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Located 22 miles north of Downtown Charleston along Interstate 26 in Summerville, Azalea Square is near some of the fastest growing employers in the Charleston MSA, including Boeing, Mercedes, Volvo, Bosch, and more, the release stated. With nearly six million visits per year, it ranks in the top five most-visited retail properties in the state.

Brad Peterson and Whitaker Leonhardt at Colliers represented the seller, AEW Capital Management. Financing was provided by Nationwide Insurance and arranged by Chicago-based Draper & Kramer, according to the relelease.