Burroughs & Chapin acquires historic Broughton Street property in Savannah, Georgia
January 23, 2017
Burroughs & Chapin of Myrtle Beach, S.C., has acquired 5-15 W. Broughton Street in Savannah, Georgia. Located in the heart of the largest National Historic District in the United States, 5-15 W. Broughton Street is a collection of retail properties strategically situated within Savannah’s premier shopping destination. Originally constructed in the 19th Century, the property has housed many successful retailers including longtime tenant W. T. Grant Department Store. Today, the property benefits from recent public and private investment on Broughton Street totaling more than $100 million.
Streetscape improvements, building renovations, and a host of new retailers have vaulted Broughton Street into the top tier of urban shopping districts nationwide. Totaling 8,800 square feet, 5-15 W. Broughton Street is fully leased to Ann Taylor LOFT, FedEx Office, and Flying Monk, a popular local restaurant.
“We’re pleased to add 5-15 W. Broughton Street to Burroughs & Chapin’s expanding portfolio of high street retail properties,” said Chad E. Carlson, executive vice president for Burroughs & Chapin. “The future for retail in downtown Savannah is bright as it continues to grow as a major southeast tourist destination and residential home base for working millennials and affluent retirees.”
“Acquiring 5-15 W. Broughton Street is right in line with our company’s interest in owning properties that provide people with a memorable shopping and social experience in a setting differentiated by a compelling sense of place,” said James W. Apple, Jr., president and chief executive officer for Burroughs & Chapin. “Broughton Street is considered to be Savannah’s most desirable and irreplaceable retail corridor in a city with over 13 million annual visitors. As a company that has more than one hundred years of experience doing business in the Southeast, Burroughs & Chapin has a deep appreciation of Savannah’s iconic historic landmarks, great food and Southern charm. We’re delighted to become a part of this truly great city.”
Information about leasing opportunities at other Burroughs & Chapin properties is available from Burroughs & Chapin’s Commercial Leasing and Management Division at BC-Leasing.com.
About Burroughs & Chapin
Burroughs & Chapin is a real estate investment trust (REIT) headquartered in Myrtle Beach, S.C. It has been a recognized leader in the ownership, operation and development of high-quality retail-based properties for more than 100 years. The company’s mission is to deliver long term, profitable growth to shareholders by investing in vibrant retail properties that combine shopping, dining, and entertainment in markets with attractive supply and demand fundamentals. More information about Burroughs & Chapin is available online at www.burroughschapin.com.
