INVESTMENT SUMMARY
Newmark has been exclusively retained to market to qualified investors the opportunity to acquire Charleston Town Center (the “Property” or “Mall”), an enclosed urban retail center located in the heart of the state capital of West Virginia. The Mall consists of approximately 793,441 square feet (347,283 SF owned) of gross leasable area and is one of the largest enclosed malls in the United States located in a downtown shopping district. This offering represents a unique opportunity to acquire a vertical urban center with numerous avenues of value enhancement at well below replacement cost. It is also located in an opportunity zone with numerous development projects already planned or in progress around the periphery of the Mall.
IMPORTANT HIGHLIGHTS
- Only true enclosed mall within a 40-mile radius, servicing a trade-area population in excess of 288,000.
- Situated in the heart of downtown Charleston, the Mall's location within the state capital bodes well for long-term value enhancement through repositioning and repurposing.
- Charleston Coliseum and Convention Center, which is located across the street from the Mall, recently underwent $100M in renovations and nearly doubled in size, setting the tone for further repositioning opportunities around the periphery of the Mall.
- Rooted in the heart of an active downtown district that generates strong traffic demand and exposure, Charleston Town Center services a daytime office population north of 60,000.
- Long-term commitment to the immediate vicinity, as demonstrated by strong leasing velocity in surrounding office towers.
- Opportunity Zone location provides further enhancement to long-term value-add opportunity and repositioning and lease-up strategies.
If you would like further information please fill out the confidentiality agreement in the below link and return to us via electronic signature, email or fax, and we will provide you with a complete offering memorandum detailing the investment and access to the due diligence vault.
Contacts:
Vice Chairman
212.372.0751
Tdobrowski@ngkf.com
Director
212.372.0736
Kfrench@ngkf.com
Associate Director
212.372.0742
Dzambratto@ngkf.com
Financial Analyst
212.850.5456
Daniel.ostrower@ngkf.com
Financial Analyst
203.609.5665
Bennett.cooper@ngkf.com
