CHARLESTON, S.C.—In a transaction that highlights the strength of grocery-anchored retail, Cohen Real Estate has arranged a joint venture partnership to develop Phase I of the $70 million Corners at Wescott. Corners at Westcott is a 167,000-square-foot shopping center that will be anchored by Harris Teeter and Marshall's.

North American Development Group, a national owner/manager with over 14 million square feet of shopping centers in its portfolio, provided the new equity investment for the retail power center. Hendon Properties is developing the retail asset.

“Both the original developer and the new equity partner worked seamlessly throughout the transaction to make sure all of the anchor tenant leases and all city approvals were in place so that construction could start right away to meet the demand for the stores to open as quickly as possible,” says Michael Cleeman, vice president of Cohen Real Estate, who represented the new equity investor on this transaction. Helen Putterman, president of Cohen Real Estate, represented the developer.