Bandera Ventures Sells Charlotte-Area Retail Center for $34M

Promenade at Carolina Reserve. Image courtesy of JLL

Bandera Ventures has sold Promenade at Carolina Reserve, a 221,054-square-foot retail center in Indian Land, S.C. Public records show that an entity affiliated with Eagles Enterprise LLC acquired the asset for $34 million, financing the purchase with a $21.4 million loan from Morgan Stanley Bank.

Bandera had purchased the property last year from Hutton for $36.9 million, according to CommercialEdge data. Veritex Community Bank provided a $29.5 million bridge loan, the same source shows.

Completed in 2018 on a 32.6-acre site, Promenade at Carolina Reserve has a diverse mix of local, regional and national tenants. Fully occupied at the time of sale, the super-regional retail center is anchored by TJ Maxx, Burlington, Ross, Hobby Lobby, HomeGoods, Ulta, Petco and Dollar Tree and shadow-anchored by ALDI.

Located at US 521 at Jim Wilson Road, Promenade at Carolina Reserve is some 20 miles from downtown Charlotte, N.C., in an area with a population of approximately 70,000 and an average household income of almost $150,000 within a 5-mile radius. The retail center receives around 2.3 million visitors per year, according to JLL.

A JLL Capital Markets Investment Sales Advisory team led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Senior Director Tom Kolarczyk and Associate Andrew Kahn assisted the seller in the disposition. Insight Property Group Commercial Real Estate Advisor Rikky Goswami represented the buyer.