By Ashley Barker
Published August 27, 2014
A North Charleston shopping center was recently sold for $35 million, according to a filing with the Securities and Exchange Commission.
On Aug. 15, American Realty Capital – Retail Centers of America Inc. purchased Northwoods Marketplace, a 236,078-square-foot shopping center on Rivers Avenue. The property is 97% leased with 23 tenants, including several national chains.
Electronics retailer Best Buy, which contains 43,278 square feet, pays the most rent among the shopping center’s tenants, at nearly $434,000 per year. Best Buy’s lease started in November 1998 and expires in November 2018, according to an SEC contract of sale filing.
Barnes & Noble pays about $300,000 per year in rent, Michaels pays $268,000, PetSmart pays $241,000 and Big Lots pays $221,000 per year. Lane Bryant, Casual Male, Guitar Center, Old Navy, Shoe Carnival and Kirkland’s each pay between $100,000 and $199,000 per year, the filing said.
The remaining tenants — America’s Home Place, Catherines, Kyoto Fantasy Express, Carolina Tree House, GameStop, General Nutrition, Luxurious Nails, Cashwell Financial of S.C., Brian C. Coke, Patel’s Barbecue, Ji Sheng Fang and Los Reyes Mexican Restaurant — pay less than $100,000 per year, according to the filing.
American Realty Capital – Retail Centers of America Inc. bought the shopping center with proceeds from the sale of its common stock, according to an SEC Form 8-K filing.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.