Troubled North Charleston retail center sold to investment group
Two out-of-state real estate firms teamed up to purchase one of the most expensive items ever sold at Northwoods Marketplace shopping center: the property itself.
Atlanta-based RCG Ventures and New York-based DRA Advisors have purchased the retail center across Rivers Avenue from Northwoods Mall. The former owner, North Charleston Associates, faced a foreclosure lawsuit.
The shopping center, which totals 192,729 square feet, houses big retailers such as Barnes & Noble, Michaels, Old Navy, Best Buy and Big Lots.
RCG Ventures spokeswoman Brittany Stanley didn't disclose the center's vacancy rate but said it has several small retail parcels available and room for a bigger tenant in the former Linen 'N Things space.
The sale price was not available through Charleston County property records as of Friday. A lender representative in the foreclosure case estimated the shopping center was worth about $19.7 million, according to court documents.
That's far less than what's owed on the property, according to court documents. The lender, a division of Bank of America, began foreclosure proceedings in late 2009, claiming the previous owner owed $31 million on the property.
North Charleston Associates was tied to a Pennsylvania dental surgeon who bought the property in 2000 for about $19 million. The year before, he had purchased a small section of the center as part of his early venture into real estate.
Locally, DRA Advisors formerly owned Mount Pleasant Towne Centre and has nine apartment complexes statewide, including Audubon Park in Hanahan.
RCG Ventures owns five smaller shopping malls in South Carolina.
Realtor returns
A familiar face is returning to the Lowcountry real estate scene to help run the Charleston Trident Association of Realtors.
Wil Riley, a former general manager of Century 21 Properties Plus who once served at the association's president, will take over as the group as vice president of operations March 1.
Riley left Charleston a few years ago to work for the association's Myrtle Beach-based equivalent. He replaces Sara Perry, who left after nine years to work for the College of Charleston.
Reach Katy Stech at 937-5549.
