Published Aug. 27, 2013
Charlotte-based commercial real estate investor Ferncroft Capital recently purchased a Summerville shopping center for $13.35 million with plans to remodel and reposition it.
Renovations have started on the 121,000-square-foot Summerville Plaza Shopping Center, now called the Sawmill Village, at 680 Bacons Bridge Road in Summerville. A new Harris Teeter grocery store will anchor the center, occupying roughly 40,000 square feet.
No other tenants have been announced yet. Redevelopment began when the lease for Piggly Wiggly, the former anchor, expired in June.
“Charleston is (a) market we are heavily focused on, and we would love to buy more assets here,” Ferncroft Capital principal John Hollmeyer said in a news release.
Ferncroft changed the shopping center’s name to Sawmill Village to tie in with its proximity to the Sawmill Branch Canal behind the property.
Construction should be complete in fall 2014. The center will feature Lowcountry aesthetics in its lit accent towers, tumbled brick, lighting, landscaping and metal roof accents, according to the company.
“Sawmill Village’s new look and anchor, coupled with its great location, aesthetics, visibility and direct signalized intersection will create a new energy that will rejuvenate the shopping experience here,” Hollmeyer said.
Berkeley Capital Advisors represented the seller in the transaction. Ferncroft has retained The Bell Moore Group to continue to lease and manage the property. The Argus Development Group will oversee construction on the center. Atrium Builders of Summerville is the general contractor.
Ferncroft Capital purchases investment properties throughout the Southeast, targeting retail, office and industrial properties. Since 2007, it has acquired more than 1.1 million square feet through approximately $130 million of acquisitions.