NORTHBROOK, Ill. (November 2, 2023) – An affiliate of Northbrook-based Pine Tree, in partnership with London-based Blue Coast Capital, acquired Azalea Square, a market-dominant shopping center located in Charleston, South Carolina. At 270,000 square feet – not including shadow-anchors Target and Kohl’s – Azalea Square features national retailers TJ Maxx, Ross Dress for Less, Ulta Beauty, Five Below, Dick’s Sporting Goods, Petsmart, and Best Buy, among others.
Azalea Square marks the first asset acquired by the joint venture between Blue Coast Capital and Pine Tree and the second asset managed by Pine Tree in South Carolina.
“We’re excited to announce the acquisition of Azalea Square and a new partnership with Pine Tree,” said Hector Caldera, President of US Real Estate at Blue Coast Capital. “Azalea Square’s location in the growing market of Charleston along with the exceptionally strong tenant performance made the asset attractive to the partnership.”
Located 22 miles north of Downtown Charleston along Interstate 26 in Summerville, Azalea Square is near some of the fastest-growing employers in the Charleston MSA, including Boeing, Mercedes, Volvo, Bosch, and more. With nearly six million visits per year, it ranks in the top five most-visited retail properties in the state.
Brad Peterson and Whitaker Leonhardt at Colliers represented the seller, AEW Capital Management. Financing was provided by Nationwide Insurance and arranged by Chicago-based Draper & Kramer.
About Blue Coast Capital
Blue Coast Capital, headquartered in London, England with offices in Europe and the United States, owns, operates, and manages a diverse portfolio of real estate, private equity, hotels & leisure, and consumer-driven businesses. With a track record spanning 50 years, including 35 years in the United States, the company remains a privately owned business with the financial strength to make decisions based on unique opportunities as well as long-term trends. For more information, please visit www.bccapusa.com and www.bccap.com.