Upstate retail center acquired by Maryland investors

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A 263,490-square-foot Easley property known in the area for its department stores and national brand names will be Greenberg Gibbon’s first South Carolina investment.

The Maryland based investors recently purchased the Town N’ Country plaza, leased by Belk, Hobby Lobby, Ulta Beauty, HomeGoods, Ross Dress for Less, Staples and Five Below, for $23 million. It was the firm’s third acquisition in 90 days, according to a news release.

“We’re thrilled to further expand Greenberg Gibbons’ footprint into South Carolina with the acquisition of Town N’ Country,” Thomas Falatko, senior vice president of acquisitions at Greenberg Gibbons, said in the news release. “This is already a high-performing asset, and we see exciting opportunities to introduce additional uses to the property that will further increase its value.”

Rapid growth in the Easley area and the center’s current tenant portfolio — which have leased 98% of the building — piqued investor’s interest in property.

The property was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched last March. The fund acquires shopping centers throughout the East Coast, Southeast and Midwest markets and is still on the hunt for similar investments in the area, according to the release, including grocery-anchored centers in need of revitalization.