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Boca firm bets $4.3M on mostly empty retail center

Vacancies at the High Point Centre retail center in Irmo South Carolina (Source: ColumbiaClosings.com)
Vacancies at the High Point Centre retail center in Irmo South Carolina (Source: ColumbiaClosings.com)

UPDATED Aug. 28 8:30 p.m. Boca Raton-based PEBB Enterprises bought a South Carolina shopping center with an 11 percent occupancy rate for about $68 per square foot.

PEBB closed August 23 on its $4.2 million purchase of the High Point Centre shopping center in Irmo, South Carolina, in an off-market deal. The seller is C-III Capital Partners.

The 61,935-square-foot property had a Piggly Wiggly store  as its anchor tenant before  the grocer-store chain vacated its space at High Point Centre.

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Rob Truett, director of investments at PEBB, said in an email the property acquisition on August 23 represented the company’s entrance into its 11th state nationwide.

“Like most of our acquisitions, High Pointe Centre is a redevelopment opportunity,” Truett said by email, “where we can leverage our in house development expertise and retailer network.”

Correction: A previous version of this story said the deal represented Pebb’s 11th nationwide. It is the company’s 11th state nationwide.

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Pebb Enterprises