Ashley Landing Mall on Sam Rittenberg changes hands for $19 million

By Ashley Barker
abarker@scbiznews.com
Published March 5, 2014

A 350,000-square-foot retail center in West Ashley was recently sold for $19.2 million.

Charlotte-based real estate firm Faison Enterprises purchased Ashley Landing Mall, located at 1401 Sam Rittenberg Blvd., from Ashley Plaza Mall Associates. Adams & Wilson Development, which represented Faison in the acquisition, will assist the company in leasing the property, a news release said.

At the time of the sale, Ashley Landing was 92% occupied. Publix leases space, along with Burlington Coat Factory, Dollar Tree, Big Lots and an assortment of banks including Wells Fargo, Harbor National and First Federal of Charleston.

Ashley Plaza Mall Associates had owned the 21.5-acre property since 1976, a spokeswoman with Adams & Wilson said.

Faison, which manages and develops properties throughout the South and Mid-Atlantic, also recently purchased the 21-acre Crossroads Center in Florence. The 113,922-square-foot retail center was 96% occupied and leased to a mix of national, regional and local tenants, according to Faison.

Crossroads Center’s tenants include Hamrick’s, Planet Fitness, LifeWay and Dollar Tree. Berkeley Capital Advisors of Charlotte arranged the Crossroads transaction, Faison said.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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