Owings Mills, Md. (January 4, 2022)—Greenberg Gibbons, one of the Mid-Atlantic region’s premier investors, developers, and managers of retail, mixed-use and flex properties, announced today that it acquired Town N’ Country, a 263,490-square-foot retail power center in Greenville, S.C., for $23 million.
The property was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched last March to strategically acquire shopping centers throughout the East Coast, Southeast and premier Midwest markets. This is the fund’s third acquisition in 90 days and the company’s first property in South Carolina.
Town N’ Country is anchored by notable national retailers, including Belk, Hobby Lobby, HomeGoods, Ross Dress for Less, Staples, Ulta Beauty, and Five Below. The center is currently 98 percent leased and is located less than 11 miles from downtown Greenville, which is currently experiencing explosive growth.
“We’re thrilled to further expand Greenberg Gibbons’ footprint into South Carolina with the acquisition of Town N’ Country,” said Thomas Falatko, Senior Vice President of Acquisitions at Greenberg Gibbons. “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.”
The Greenberg Gibbons Real Estate Income Fund team 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/R&D properties. The company has developed and managed a portfolio of more than 10.6 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.