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Posted: November 15, 2016
Big V Properties competes purchase of 3 shopping center properties in Southeast US for $24 million
Florida, NY According to Big V Capital LLC, the investment management affiliate of Big V Properties, the company has completed the purchase of three shopping centers in the southeast U.S. for a total purchase price of $24 million. Located in Wilmington, N.C., Lancaster, S.C. and Brunswick, Ga., these three properties add 458,000 s/f of gross leasable area to the Big V Capital/Big V Properties portfolio.
The purchased properties are:
• The Village at Myrtle Grove in Wilmington, N.C. is a 74,370 s/f community shopping center located in a retail corridor in the Myrtle Grove section of the city. The center is anchored by Staples and shadow-anchored by Home Depot and is 87% leased.
• Lancer Center in Lancaster, S.C. is a 180,194 s/f shopping center located in the area’s prime retail corridor on Highway 9 Bypass, off North Main St. It is anchored by a number of national discounters, incuding Big Lots, Citi Trends, Pet Sense and Bi-Lo and is 89% leased.
• Lanier Plaza Shopping Center in Brunswick, Ga is a 203,876 s/f grocery-anchored shopping center located off I-95 and near Jekyll Island, St. Simons Island and Sea Island, Ga., just off the FJ Torras Causeway. The center is anchored by Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity and is 81% leased.
“We are very excited to add these three high quality properties to our shopping center portfolio”, notes Robert Levy, founding partner of Big V Capital. “We believe we are acquiring high quality real estate in healthy demographic markets at attractive valuations with meaningful upside through capital investments and leasing opportunities.”
Big V Capital and its property management affiliate, Big V Properties is a vertically-integrated real estate investment and property management company with corporate headquarters in Florida, NY and regional offices in Bristol, Tenn.
Big V is focused on owning and operating neighborhood and community shopping centers throughout the southeastern U.S. With the purchase of these three properties, Big V owns and/or operates 31 class A and B grocery and discount anchored neighborhood and community shopping centers totaling 3 million s/f.
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