RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, recently sold the last remaining parcel of Richmond Towne Center, 496 S. Pleasantburg Drive, Greenville, for $1.6 million.
The 18,620-square-foot retail strip center was acquired by Richmond Towne LLC, registered to Christina Moir Harjehausen. David Redmond and Tripp Sellers of CBRE represented the seller, and Shelby Dodson, also of CBRE, represented the buyer in the transaction.
In 2014, RealOp acquired the 77,686-square-foot retail center, whose tenants included Miracle Hill, Bank of America, and Family Dollar, among others. Throughout the years, RealOp strategically sold off the Bank of America building, the Miracle Hill building, and maintained ownership of the retail strip center.
“We are pleased to have sold off the remaining asset of Richmond Towne Center,” said Kyle Putnam, president of RealOp Investments. “Since our original acquisition of the property in 2014, we have accomplished our investment thesis and achieved above-market returns for our investors. The time was right for us to dispose of this final asset, and we are excited to see what the new buyer has in store for this property.”
At the time of closing, it was 94 percent occupied with eight tenants, leaving one 1,125-square-foot retail store front available for lease. Current tenants include Family Dollar, Rent-A-Center, among other service-based retail tenants.
The 4.86-acre property sits within an Opportunity Zone, as designated by the 2017 Tax Cuts and Jobs Act, but that distinction had no bearing on the purchase nor are there future plans to set up an Opportunity Fund to use the potential long-term tax advantages, Harjehausen said.
Harjehausen said planned property improvements include painting the exterior, new landscaping, and signage upgrades.
About RealOp Investments
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. The firm was named the 2019 Greenville Chamber Small Business of the Year, and one of the Top Ten Fastest Growing Companies in the state of South Carolina for 2018. Learn more at www.realopinvestments.com.