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South Carolina Center Fetches $9M

GREENVILLE, SC-The 73,000-sf Crosspointe Plaza adjacent to the Haywood Mall here trades hands. The development is anchored by Circuit City and 96% leased.

By Brian K. Miller | Updated on January 12, 2005

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GREENVILLE, SC-Crosspointe Plaza, a 72,978-sf big-box anchored specialty center here, has changed hands for about $9 million. The new owner is Dagar LLC of Savannah, GA. The seller is listed as Crosspointe Plaza LP of Greenville.Crosspointe is located at Haywood Road and Woods Crossing Road, adjacent to Haywood Mall. Currently 96% leased, Crosspointe is anchored by Circuit City (45,912 sf), Toys R Us (shadow), Stax Grill (6,748 sf) and Jason’s Deli (4,988 sf/outparcel). The center was built in 1990 and renovated in 1995 in conjunction with the addition of Circuit City. NewBridge Retail Advisors represented the seller in the transaction. A NewBridge representative declined to confirm the sale price, which local brokers tell GlobeSt.com was $9.1 million. The buyer, AD Garfunkel of Dagar LLC, tells GlobeSt.com the capitalization rate on the investment is about 8%. “It has the potential to be a solid shopping center for a long time,” he says.

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