Shopping Center Business

MAR 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CAROLINAS 52 • SHOPPING CENTER BUSINESS • March 2017 "Grocers are kind of our bread and butter. Columbia has a Lowes Foods coming to the market, and The Fresh Market is finally adding a second store," says Palmer. "Kroger and Publix are also on the move, and Lidl has sites tied up as well. Kroger has a site tied up at the old Bomber baseball stadium for one of their Marketplace locations. They also recently opened a Marketplace store out at Killian Crossing." Similar to Charleston, Hilton Head is a high barrier to entry market for retail- ers. The popular tourist destination is surrounded by the Atlantic Ocean and wetlands, so developers have learned to be patient in assembling their sites. In January, Jaz Development deliv- ered Bluffton Gateway, a retail develop- ment near Hilton Head anchored by an 185,000-square-foot Walmart Supercen- ter and a 140,000-square-foot Sam's Club. The outparcel retailers are set to open in the near future. Jaz Development is currently devel- oping a nearby shopping center known as Bluffton Crossing, situated down the main retail corridor of U.S. Highway 278. The 118,000-square-foot center will fea- ture a 55,000-square-foot Hobby Lobby, 25,000-square-foot PGA Tour Superstore, 21,000-square-foot Fresh Market, Aspen Dental, Sleep Number and about 8,000 square feet of shop space. "There's not a lot of spec space; it's more of a grouping of junior tenants we're looking to get into the market," says Da- vid Oliver, president of Jaz Development. "It's 96 percent pre-leased. Our first ten- ants will open this spring, and the bulk will open by the summer." Oliver says Jaz Development is dou- bling down on Hilton Head because of the year-round draw of the island city and the visibility along U.S. Highway 278. "The Hilton Head trade area is half wa- ter and there's one major road where 95 percent of Hilton Head's visitors drive in from," says Oliver. "There are 2.5 million yearly visitors to Hilton Head, most of whom live within a five-hour drive. This corridor on Highway 278, the only road to Hilton Head, has become the retail trade area of the region. The area is a vibrant retail corridor year-round, but it obviously has big swings during the sum- mer months." The York County markets of Rock Hill and Fort Mill are leveraging their retail activity with nearby Charlotte, which is situated just across the border. Warren Norman III, development director for retail developer Warren Norman Co. Inc., says his company will break ground on two projects this year in the county. "York County is one of the fastest grow- ing counties in South Carolina thanks to the growth of Charlotte," says Norman. "We're seeing small shops and restaurants locate here. Metro Charlotte is one of the best areas in the country that you could possibly be in. Being situated across the state line has provided a good many ad- vantages for us. Being 10 minutes outside of downtown Charlotte but also have a more advantageous tax system in South Carolina puts us in a really unique posi- tion." SCB

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