One of the region's oldest surviving shopping centers has changed hands.
An affiliate of Adams Development Co. LLC said it has purchased Gas Lite Square in North Charleston. The aging 80,687-square-foot retail property is at 5617 Rivers Ave., just south of Remount Road.
The sale to Gas Lite Square LLC closed on Aug. 25. The price was not immediately available.
The seller was a company formed by longtime local real estate investor Emerson Read.
The 6.67-acre property has 26 retail spaces and about 740 feet of frontage along a busy but underdeveloped area of Rivers Avenue.
The buyer said in a written statement that it is "in discussions with a national big box retailer and renovation plans are being finalized now for the major components of the center."
Improvements at Gas Lite Square are planned for the fašade, parking lot, signage and landscaping, said Adams Development, which has offices in Charleston and Augusta and is managing the property. The work is scheduled to be completed in mid-2015.
Gas Lite Square was built in 1957, Charleston County property records show.
Existing tenants include the Camo Bunker Army-Navy Store, West Marine and a variety of small service businesses, from a computer shop to a Chinese restaurant to a liquor store. About two-thirds of the property is occupied.
Contact John McDermott at 937-5572.
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