One of Rock Hill’s busiest shopping centers has just been sold to an outside investor for $32.5 million – one of the region’s largest property sales in years.
Manchester Village, just off I-77 and Dave Lyle Boulevard, was acquired by Cohen & Steers Income Opportunities REIT. The purchase was made through a joint venture with Florida-based Sterling Organization.
The deal works out to roughly $200 per square foot for the 162,326-square-foot shopping center. Commercial Real Estate Direct also reported the buyers secured about $19.5 million in acquisition financing.
The center is almost completely full.
Manchester Village was 99% occupied at the time of sale, with major tenants including T.J. Maxx, HomeGoods, Ross Dress for Less, Michaels, Books-A-Million, Ulta Beauty and Five Below. Panera Bread, Subway, UPS and several smaller businesses also operate there. JLL
A $32.5 Million Bet on Rock Hill’s Growth
The property spans roughly 21 acres near one of Rock Hill’s busiest commercial corridors. It was completed around 2002 and has four access points, including two signalized entrances.
Its location is a major part of the investment.
Manchester Village sits less than a mile from I-77, where traffic reaches roughly 88,000 vehicles per day. The center is also about 25 miles south of Uptown Charlotte.
Buyer Cohen & Steers specifically pointed to Charlotte’s continued growth spilling south into York County.
The company said York County’s population grew 8.9% during the past five years. Its retail market is also about 96% occupied, with average annual rent growth around 6% through 2025.
Within 10 miles of Manchester Village, the population has grown about 47% since 2010, according to JLL marketing materials. Average household income in that same area has more than doubled.
Investors See More Upside Despite 99% Occupancy
Manchester Village was already nearly full before the sale, but investors still see room for financial growth.
JLL marketing materials described existing tenant rents as averaging more than 20% below current market levels. The center also has unusually long tenant relationships, with weighted average occupancy exceeding 17 years.
That combination — almost no vacancy, long-term national tenants and below-market rents — helped make the property attractive to institutional investors.
No redevelopment plans have been announced.
Major Development Is Coming Nearby
Manchester Village is also positioned near some of Rock Hill’s largest upcoming investments.
The shopping center sits about 1.5 miles from Palmetto Research Park, where announced healthcare and biopharma projects represent roughly $1.8 billion in planned investment.
The surrounding area also includes Manchester Meadows, Winthrop University, hotels, apartments and additional development along the Dave Lyle Boulevard corridor.
Charlotte-based Southern Real Estate had controlled the shopping center through various entities since 2002. The Oct. 9 sale ends more than two decades of local ownership.
