Charleston area’s 1st Walmart Neighborhood Market is sold

The ownership of this Walmart Neighborhood Market on Red Bank Road, including the service station, recently changed hands.

The developer of the region’s first Wal-Mart Neightbohood Market has sold the property.

A trust set up by a California couple recently paid $12.8 million for the 41,117-square-foot retail center on 6.3 acres at 1635 Red Bank Road in Goose Creek, according to Berkeley County property records.

The seller was Twister 103 LLC, an affiliate of Dallas-based Cypress Equities.

Wal-Mart has signed a 20-year lease on the property with four five-year options, each with rent increases, according to Marcus & Millichap, which brokered the transaction.

The retail center attracted more than seven offers, the real estate firm said in a written statement. Marcus & Millichap also said that the capitalization rate — or the total operating income the property will return in the first year based on the sale price — was between 5 percent and 6 percent.

The sale closed about five months after Bentonville, Ark.-based Wal-Mart Stores Inc. opened the Goose Creek Neighborhood Market store, its first in the Charleston region.

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Four others have since opened in the area, and at least one more is planned.

The smaller-format stores are about one-fourth the size of a standard Wal-Mart Supercenter. They carry mostly food items and feature drive-thru pharmacies and gas stations.