Cohen Real Estate has arranged for a joint venture to develop The Corners at Wescott, a 167,000-square-foot shopping center in North Charleston, SC.
Michael Cleeman, vice president, of New York City-based Cohen Real Estate represented the new equity investor, North American Development Group (NADG), one of North America's leading shopping center acquisition and development companies. Cohen Real Estate President Helen Putterman represented the developer, Atlanta-based developer Hendon Properties, a long-time client dating back to 1995 with multiple transactions including the largest open-air strip center in Princeton, NJ.
The shopping center on the 22-acre site on Dorchester Road & Wescott Boulevard in North Charleston will be anchored by Harris Teeter and Marshalls and shadow anchored by a recently developed Lowe's Home Improvement store.
The property is 80% pre-leased, showing what Cohen believes is the high demand for retail in the area. A second phase to the project consisting of 13 acres of land on the opposite side of the Lowe's Home Improvement is available for future development.
"Both the original developer and the new equity partner worked seamlessly throughout the transaction to make sure all of the anchor tenant leases and all city approvals were in place so that construction could start right away to meet the demand for the stores to open as quickly as possible," Cleeman said.