A redeveloped shopping center on the edge of Summerville recently changed hands for $22.2 million.
Los Angeles-based private firm LBX Investments bought the 138,166-square-foot Oakbrook Station at 10070 Dorchester Road, according to the brokerage firm Stan Johnson Co., which handled the transaction. It's anchored by Lowes Foods.
The multi-tenant shopping center was fully occupied at the time of the sale. The California firm bought the site from an affiliate of Greenville-based developer RealtyLink, which has an office in North Charleston.
“We received a significant amount of interest in this asset from both institutional and private capital,” said Maggie Holmes of Stan Johnson's office in Atlanta. “While institutional capital is still seeking retail assets, the buyer market is much more selective than in past years. For that reason, it was imperative to leverage our deep experience in the private capital markets to access the highest number of possible buyers.”
RealtyLink acquired the site in 2016 and completely renovated it. Tenants include Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Most of the remaining tenants have been at the site for five to 15 years.
For the 13th straight month, the number of people looking at houses throughout the Charleston region fell in August compared to the same month last year.
And while the decline in home showings persists, the negative percentage appears to be easing up.
In August, home showings dipped 3.3 percent compared to August 2018, when the steep slide began, according to the ShowingTime Showing Index for the Charleston region.
The negative percentage has steadily dropped for four months in a row, all in single digits compared to the double-digit declines of last fall and winter.
The 12-month average since September 2018 is down 10.3 percent.
Home sales are down for the year about 1 percent, but if more homes were available at price points people could afford, sales would be higher, according to Charleston-area housing leaders.
Nationally, showings jumped 3.5 percent in August, the first increase in more than a year.
The national rebound and lower Charleston dips since the spring could lead to more showings in the fall, ShowingTime chief analytics officer Daniil Cherkasskiy said last month.
A developing mixed-use community south of Summerville recently launched a new neighborhood by one of the nation's largest home builders.
Lennar Homes unveiled five new home collections and remodeled floor plans in the new Azalea Ridge neighborhood of Summers Corner on Beech Hill Road off U.S. Highway 17-A.
Storage facilities keep following the population growth in the region, and another one is now open in North Charleston.
Extra Room Self-Storage offers 657 units over 105,000 square feet of space at 8911 University Blvd. Room for boats and RVs is available as well. Amenities include on-site moving carts, boxes and moving supplies.