News Summary
InvenTrust Properties Corp. has acquired Summerville’s Nexton Square retail village for approximately $57.4 million, marking a significant investment in the local business landscape. The purchase comes as part of a larger deal that includes The Mill at Market Creek, totaling nearly $85 million. Nexton Square, a prime shopping destination with 133,600 square feet of retail space, is well-positioned to capitalize on the growth of the surrounding Nexton development. This new ownership paves the way for future expansion and further boosts the community’s retail appeal.
Exciting New Changes in Summerville: Nexton Square Gets a New Owner
Summerville is buzzing with excitement as the charming Nexton Square retail village welcomes new ownership by InvenTrust Properties Corp. This change was finalized just as 2024 came to a close!
Big Deal Under the Sun
InvenTrust Properties Corp., a notable player in the real estate market based out of the Midwest, has made a splash in the local business scene. They’ve acquired Nexton Square along with another property, The Mill at Market Creek, for a stunning total of nearly $85 million. Talk about a sizable investment!
All Eyes on Nexton Square
Focusing on Nexton Square specifically, this stylish retail haven was sold for approximately $57.4 million. The shopping village boasts a generous 133,600 square feet of space, ideally located right at the entrance of the vast Nexton development, which spans an impressive 4,500 acres in lower Berkeley County. This thriving area is designed to accommodate a whopping 10,000 housing units, giving local businesses plenty of potential customers!
Another Gem: The Mill at Market Creek
Not to be overlooked, The Mill at Market Creek was sold for $27.3 million. This location is home to a variety of popular establishments, including a Lowes Foods supermarket, renowned dining spots such as Halls Chophouse, Fuji Sushi, and Taco Boy. With such a delightful mix of tenants, it’s no wonder this shopping center attracts shoppers from near and far!
Behind the Sale
The transactions for both properties were verified through public land records, showing they were finalized by affiliates of InvenTrust Properties Corp. The previous owner, Virginia-based Armada Hoffler Properties Inc., was responsible for financing and developing both retail locations. Nexton Square’s journey began back in 2018, under the capable management of North Charleston-based RealtyLink Commercial.
A Smart Acquisition Strategy
InvenTrust’s strategy seems to be well thought out. They’ve actively sought out acquisitions in favorable markets across the Sun Belt, and this latest purchase marks their entry into the South Carolina market. Interestingly enough, they may not be done yet! The Nexton Square site not only thrives today but also presents opportunities for further expansion in the years to come.
Initial Costs and Sales Dynamics
Now, let’s talk about the costs involved. The total cost to develop Nexton Square was estimated at around $45 million. Interestingly, Armada Hoffler had negotiated a “below market” purchase option for this prime location, successfully completing the buyout in 2020. This savvy move allowed them to position themselves advantageously, and the payoff is clear with the recent sale.
The Future of Nexton Square is Bright
As we step into this new year, the energy surrounding Summerville’s Nexton Square continues to grow, with InvenTrust Properties at the helm. Although various inquiries to the company have gone unanswered as of December 31, 2024, one thing is certain: Summerville is embracing a fresh chapter in its retail history and the communities around this part of the Lowcountry are likely to benefit from these exciting developments!
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Additional Resources
- Post and Courier: Exciting New Changes in Summerville
- Wikipedia: Commercial Real Estate
- Count on 2: January Events in the Lowcountry
- Google Search: Summerville South Carolina
- Count on 2: Charleston Emancipation Day Celebration
- Google News: Nexton Square
- WCHS TV: I-77 Northbound Closed After Accident
- Encyclopedia Britannica: Real Estate
