Joint Venture to Develop Phase I of Corners at Wescott

by Nate Hunter

North Charleston, S.C. — The $70 million development includes 167,000 square feet of retail.

North Charleston, S.C.  — Cohen Real Estate has arranged a joint venture partnership to develop Phase I of the 167,000-square-foot Corners at Wescott, located at Dorchester Road and Wescott Boulevard in North Charleston. North American Development Group (NADG) provided the new equity investment for the power center, which Atlanta-based Hendon Properties will develop. The $70 million project is located on 22 acres. The center is already 80 percent pre-leased and will be anchored by Harris Teeter and Marshalls. Construction began in the third quarter of 2012 and will be complete in summer 2013. Michael Cleeman of Cohen Real Estate represented NADG in the transaction. Helen Putterman, also with Cohen Real Estate, represented the developer.

“Both the original developer and the new equity partner worked seamlessly throughout the transaction to make sure all of the anchor tenant leases and all city approvals were in place so that construction could start right away to meet the demand for the stores to open as quickly as possible,” says Cleeman.

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