Copyright Charleston Post and Courier
MOUNT PLEASANT — After multiple offers, a shopping center on Johnnie Dodds Boulevard has changed hands for $11 million. An affiliate of Woodlock Capital closed the deal Nov. 4 for Center Oak Plaza, more commonly known as the Stuckey Furniture building. The seller was B & L Partners LLC. With the transaction, the retailer and anchor tenant is winding down operations after 95 years of business in the Lowcountry, said Hal Swanson, director of retail with the North Charleston-based Woodlock who helped broker the deal along with Patrick Nealon Dexter Lee Jr., who oversees the furniture dealer with brother Bill and son Dexter III, had been an owner of the property along U.S. Highway 17 near Bowman Road since 1998 when he purchased it for $2 million, according to county records. Bryan Delgado, owner of Roadstead Real Estate Advisors in Charleston, co-listed Center Oak Plaza with Ed Williams of Seaboard Inc. The “highly competitive” property drew seven offers. “Multitenant retail is kind of the darling of commercial real estate right now, and it was very popular,” Delgado said. Built in 1979 and renovated in 1993, the shopping plaza spans 44,250 square feet on 5.4 acres. It is occupied by national and regional tenants, including Stuckey’s, Leslie’s Pool Supplies, custom golf retail store David Ayers, Flooring Factory, a tanning salon and an e-cigarette shop. Stuckey’s holds the largest space with 24,770 square feet. It will lease its space back for now. “Stuckey Furniture will remain in place until the owner winds down operations and sells remaining inventory,” Swanson said. “After that, we plan to lease the space either to a single user seeking the entire 24,900 square feet or divide it into two smaller units.” He added that Woodlock has already received significant interest in the space given Mount Pleasant’s low vacancy rate and high barriers to entry. The new owner has no plans to redevelop the property, Swanson said. The other five long-term tenants will remain.
