Greenberg Gibbons, one of the East Coast’s premier investors, developers, and managers of retail, mixed-use, and flex properties, announced today that it has acquired The Sea Turtle Market Place, a 99,580-square-foot community retail center located in Hilton Head, S.C., for $17.5 million. The center also includes a 2.81-acre parcel available for development.
The center was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched in March of 2021 to strategically acquire shopping centers throughout the East Coast, Southeast and premier Midwest markets. This is the fund’s fifth acquisition and the Company’s third property acquired in South Carolina in the last twelve months.
The Sea Turtle Market Place is anchored by notable pet retailer PetSmart and the well-known boating supply and fishing store, West Marine. The property is centrally located on Hilton Head Island off William Hilton Parkway. The project was sourced off-market as an opportunity for Greenberg Gibbons to improve the 46% leased shopping center by attracting additional quality retailers for the market and community and developing the vacant 2.81-acre parcel.
“Hilton Head is a popular destination for families up and down the East Coast that attracts more than 2.5 million visitors a year,” said Tom Falatko, Senior Vice President of Acquisitions at Greenberg Gibbons. “We see exciting opportunities to introduce additional uses to The Sea Turtle Market Place that will further increase its value to the community and position in the market.”
Greenberg Gibbons is actively seeking investments with a focus on essential, retail-driven shopping centers, including value-add, grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations.
About Greenberg Gibbons
Celebrating more than 50 years of success, Greenberg Gibbons is one of the East Coast’s premier developers, investors, and owners of mixed-use, retail, and flex properties. The company has acquired, developed and managed a portfolio of more than 12 million square feet of properties. Its signature projects include the award-winning Hunt Valley Towne Centre, Annapolis Towne Centre, Waugh Chapel Towne Centre, Foundry Row, and Towson Row. For more information, visit www.ggcommercial.com.
