Atlanta developer Ben Carter has sold four of his Broughton Street properties to Myrtle Beach-based Burroughs & Chapin.
Carter declined to disclose a selling price, but the properties sold include, 125 E. Broughton St., 101 W. Broughton St., 103 W. Broughton St. and 301 W. Broughton St. All four spaces are occupied, housing the Savannah Tap House, L’Occitane en Provence, Smoothie King and Vineyard Vines, respectively.
The Broughton Street project, which Carter first introduced in early 2014 with two buildings and a projected investment of $75 million, now encompasses more than 100,000 square-feet and a total investment of about $90 million.
Earlier this year the Savannah Morning News reported that Carter had listed his Broughton Street properties for sale and aimed to recapitalize the project.
“We’ve successfully hit our benchmarks, and are now more than 95 percent leased after renovations. It was an opportune time to sell the assets when considering the favorable market conditions and the fact that there is virtually no vacancy on Broughton Street,” Carter said last week.
Twenty-six properties remain in Carter’s Broughton Street portfolio and he said any potential future sales will be evaluated on a case-by-case basis.
Established in 1857, Burroughs & Chapin’s portfolio contains more than a dozen commercial properties, including two of Myrtle Beach’s top shopping and entertainment attractions, Broadway at the Beach, a 700,000 square-foot mixed use development set on 350 acres and Barefoot Landing another mixed-use development that includes more than 100 specialty retail shops, stores and restaurants.
Burroughs & Chapin first ventured into the Savannah market in late 2016 acquiring 5-15 W. Broughton Street, which includes, Ann Taylor LOFT, FedEx Office, and Flying Monk Noodle Bar. Those spaces were not owned by Carter.
“We’ve always had a special interest in growing our footprint in Savannah,” James W. Apple, Jr., president and chief executive officer of Burroughs & Chapin, said in a press release.
“Savannah’s beauty, magnificent history, and Southern charm make it tremendously attractive to us. We were delighted to have the opportunity to add to our presence on Broughton Street, a destination in its own right with a reputation for providing some of the best shopping in the South.”
Reached for additional comment, Lei Gainer, spokesperson for Burroughs & Chapin said the acquisition is consistent with the company’s strategy to invest in vibrant properties that provide memorable shopping and social experiences in settings differentiated by a compelling sense of place.
While they have no plans to make changes to the recently purchased space, Gainer said the company is impressed with Savannah’s many positive attributes, including the strong tourism market, job growth, creative influence of the Savannah College of Art and Design and maintains an interest in expanding further into the Savannah market in the future.