Cushman & Wakefield’s Capital Markets group today announced that the Cronacher Corporation sold the Palmetto Pavillion, a 66,428 square-foot, grocery-anchored shopping center located at 8409 Dorchester Road in Charleston, SC to the Phillips Edison Group. Tom Salanty, Chris Harden, Dave Karson, Chris Moyer and Kris Von Hohn represented the Cronacher Corporation in the transaction.
Palmetto Pavilion was purchased fully leased, by the Phillips Edison Group, a national retail firm whose mission is to buy and optimize grocery-anchored properties. The Publix supermarket-anchored neighborhood center also includes a Subway, Pappa John’s Pizza an AT&T and a UPS store. Separately-owned tenants include McDonalds, Popeye’s, Zaxby’s and Heritage Trust Bank.
“From an investment perspective, Palmetto Pavilion’s surrounding neighborhood is desirable; the Publix super-market performs well above average and there is an excellent mix of national and local in-line tenants , which made it a highly sought-after transaction,” said Tom Salanty, Executive Director of Cushman & Wakefield’s Capital Markets group. “We appreciate the opportunity to leverage our deep transactional expertise and the full service capabilities of our firm to create a client-only experience that supports the Cronacher Corporation’s sales objectives.” Palmetto Pavillion was one of eight properties, offered individually or as a portfolio, throughout Texas and the southeastern United States.