A community shopping center sold for $22 million last fall, heralding a fun new chapter for the site.
Woodlock Capital bought the 367,724-square-foot Festival Centre in North Charleston, South Carolina, in September. It’s the fifth retail acquisition in the area for the Charleston, South Carolina-based brokerage, investment and consultancy firm. Its vision for the mall is to turn it into a go-to entertainment spot for the area.
Several tenants remain and newcomers are on the way, including ParTee Shack. The family amusement tenant signed for 77,000 square feet. ParTee Shack offers games, including mini golf, basketball, go-kart racing and a zipline, among other options.
Festival Centre has been selected by a panel of local industry professionals as the winner of the CoStar Impact Award for sale/acquisition of the year for the Charleston market.
About the project: Woodlock Capital plans to implement a comprehensive value-add strategy for Festival Centre, aimed at revitalizing the property and enhancing its appeal to both tenants and the community. Tenants include Planet Fitness, Pizza Hut and Day and Night Golf. The property is at 5101 Ashley Phosphate Road in North Charleston.
What the judges said: The sale and plans constitute a fresh start for the site, said Josh Owens, a senior director and leasing agent at Ziff Real Estate Partners, a property management and leasing agency in Mount Pleasant, South Carolina. "[T]his asset has trended down over the past 10, 20 years, but with a new investor group coming in, one can assume they will breathe life back into it,” Owens said. “I look forward to seeing what the new ownership group has in store for this substantial property."
They made it happen: Gus Bowen, Berkeley Capital Advisors’ director, represented the seller, and Woodlock Capital’s Partner Andrew Batkins, represented his firm in the purchase of the site.