Real estate investment firm acquires North Charleston retail property

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A Charleston real estate investment firm has acquired a North Charleston retail property.

Woodlock Capital has acquired Festival Centre, a 325,347-square-foot retail property located at 5101 Ashley Phosphate Road in North Charleston, according to a news release. This purchase marks Woodlock’s fifth retail asset in the submarket and further underscores the firm’s commitment to enhancing the retail landscape in North Charleston and the greater Charleston MSA, the release stated.

As part of Woodlock’s broader strategy to expand its portfolio in high-growth markets, Woodlock continues to seek out retail and flex properties across the Southeast, the release stated.

Woodlock Capital plans to implement a comprehensive value-add strategy for Festival Centre, aimed at revitalizing the property and enhancing its appeal to both tenants and the community, the release stated. As part of this strategy, the company has already secured the family amusement tenant, Partee Shack, which will occupy 77,000 square feet and will be the center’s new anchor tenant.

The current tenant lineup at Festival includes well-known tenants such as Planet Fitness, American Freight, Pizza Hut, Day and Night Golf, and Neighborhood Tap House. Woodlock is also in active discussions with several potential tenants, including restaurant, apparel, furniture and even pickleball users, the release stated.

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“Woodlock Capital is deeply committed to the North Charleston community, and this acquisition is a testament to our focus on long-term investment in the area,” said Andrew Batkins, partner at Woodlock Capital, in the release. “We believe that Festival Centre has tremendous potential, and we are excited to play a role in its transformation.”

The property is being acquired through a new partnership between Woodlock Capital and a Charleston-based private investment group, according to the release. The collective ownership group brings deep ties and significant investment experience in the Charleston real estate market, the release stated.

Established in 2020 by partners Elliot Calhoun and Andrew Batkins, Woodlock focuses on acquiring value-add retail, flex industrial, and covered land properties in the greater Charleston MSA, according to the release. Since its inception, Woodlock has completed over $300 million worth of transactions and has established strong relationships with local, regional, and institutional groups along the coast.