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Institutional Property Advisors Brokers $18 Million Shopping Center Sale in the Hilton Head Island Metro Area

October 28, 2024
BLUFFTON, S.C., Oct. 28, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Bluffton Target Center, a 100,314-square-foot shopping center close to Hilton Head Island in Bluffton, South Carolina. The property sold for $18.75 million and includes Dick’s Sporting Goods, Staples, and Starbucks.

“With 2.7 million annual visits, Bluffton Target Center is one of the three most-visited shopping centers within a 50-mile radius,” said Zach Taylor, IPA senior managing director investments in Atlanta. “The center was 100% occupied at the time of the sale and the average tenant tenure is 12 years.” Taylor represented the seller, Stafford Bluffton LLC and procured the buyer, Tarantino Properties Inc. “Bluffton’s population has increased over 120% since 2010, making it South Carolina’s fastest-growing municipality,” added Taylor.

The property faces U.S. Route 278/Fording Island Road, the major highway system and primary retail corridor that connects Bluffton to Hilton Head Island. There are 2.8 million square feet of adjacent retail along the corridor and the highway sees 50,300 vehicles per day. The Tanger Outlet Mall in Hilton Head is a five-minute drive from the property.

Built in 2001 on over 10 acres, the Bluffton Target Center is anchored Dick’s and Staples and shadow-anchored by Target. Starbucks and Honey Baked Ham have occupied an outparcel since the center opened. Ben Yelm, vice president and regional manager is Marcus & Millichap’s broker of record in South Carolina.

 

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

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