The Charleston family that recently sold 200 acres of land in North Charleston for Boeing's expansion is now taking over one of Pawleys Island's oldest shopping centers.
Truluck Industries this week purchased The Hammock Shops Village, which has long been the epicenter of gift shops on Pawleys Island since it was established nearly 76 years ago.
The shopping center was owned by Pawleys Island-based South Neck Investors LLC and has been managed by Jim Warwick for 14 years. Neither party could be reached for comment Thursday.
The purchase price was not disclosed. Georgetown County property records show the 7.7-acre shopping center has an estimated market value of about $4 million.
Brad and Chuck Truluck will manage the shopping center under Truluck Properties, one of several Charleston-based businesses owned by the family.
"Our family has a history of acquiring assets that we can own for a lifetime, and of all the retail properties we have looked at, none of them carry the iconic nature and history of the Hammock Shops," Chuck Truluck said.
The Pawleys Island tradition of hand-weaving and selling rope hammocks to tourists began about a century ago with the Lachicotte family, who established the original Hammock Shop in 1938. A.H. "Doc" Lachicotte began building new stores around the shop in 1957.
Today, the shopping center is home to about 25 gift shops, boutiques and other specialty businesses.
The new managers of the Hammock Shops will immediately begin updating the shopping center with new landscaping, paved roads, fresh paint and other capital improvements, according to a company statement released Thursday.
"We will not be changing the uniqueness in any way but will be reconditioning the property back to its former glory days," Brad Truluck said. "For example, we hear people say they would really like to see the beautiful landscaping and garden-like atmosphere return, and that's what we intend to do."
Several retailers in the Hammock Shops said they're pleased with the change in ownership.
"I love my landlord Jim Warwick, and I'm going to miss him terribly, but I think what they (the Trulucks) have in mind is going to do well," said Pamela Haynes, owner of Cabana Gauze, a women's boutique. "They're going to spruce it up some and I look forward to it."
The purchase of the Hammock Shops isn't the first investment Truluck Industries has made since the family sold land in North Charleston to the state for $35.2 million. The property was leased to Boeing South Carolina for its plant expansion in December.
In February, the family purchased the former Colonial Warehouse in Columbia for $2.7 million in a foreclosure auction, according to a report by The State newspaper.
Reach Abigail Darlington at 937-5906 and follow her on Twitter @A_Big_Gail
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