Latest news with #EDENS
Yahoo
07-05-2025
- Business
- Yahoo
Local leaders and community partners celebrate Ashley Landing project
WEST ASHLEY, S.C. (WCBD) – Local leaders and community partners kicked off the Ashley Landing project with a celebration. The vacant shopping mall is expected to become a 32-acre mixed-use development. It will be home to retail and dining, multi-family units, townhomes, and a greenspace. Charleston Stage members performed to kick the event off, as they and Lowcountry Land Trust will eventually move into the new space. Officials said there is excitement for the revitalization of West Ashley. 'I think that this is going to be a transformational project for a long, neglected part of our city. It's exciting to see it actually kick off here, it's been like I say 20 years in the making. Couldn't be more excited about the team and the community input. So, we're really excited about the future of this site,' William Cogswell, mayor of the City of Charleston, said. The planned community hub was designed by EDENS alongside the city and community. The developer added that it was a priority for this project to be what residents wanted. City leaders said this is the largest investment in West Ashley ever. 'We are really proud to be leading an investment of about $340 million dollars into this community, but more importantly it's an investment of emotional connection,' Jodie McLean, CEO of EDENS, said. 'It's an investment of creating a sense of place where people come together routinely to not only connect with existing neighbors, but to create new friendships and new meaning in their life.' Also, EDENS revealed the future street names – paying tribute to Lowcountry people and places. These include Sumar Street, Amberly Road, Stage Way, Hannah Jane Lane, Conservation Place, Family Lunch Lane, and Kit Kat Lane. The mayor said this project represents a step towards bettering communities beyond the peninsula, especially with this new community partner. 'When you're investing public money, you want to make sure it's done in a responsible way. So, you want to look at folks that are looking it for the long term – looking at it for the long haul,' Cogswell said. 'Not somebody that's just going to come in, take advance of our macroeconomy, and then pull out. EDENS has an incredible track record for place making, and staying invested in a community. That's really important for the quality when it's all said and done.' Officials expect the first phase of the project to open in late 2026, with full completion in 2027. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to WCBD News 2.
Yahoo
02-04-2025
- Business
- Yahoo
Tacoma shopping center in West End gains new ownership three years after last sale
The owner of properties at a prominent Tacoma West End shopping center has sold its parcels in a sale recorded three years to the date of original purchase. An LLC affiliated with Washington, D.C.-based EDENS commercial real estate firm sold its Westgate North Shopping Center parcels for $37 million to Westgate North Station LLC, affiliated with Cincinnati-based Phillips Edison & Co. (PECO). The sale, recorded March 31, consists of seven parcels at the center, according to Pierce County records. EDENS originally purchased the Westgate North parcels in a sale recorded March 31, 2022, for just over $38 million, and it was among eight shopping center sites it acquired along the West Coast at that time. Despite the decrease in sale price from 2022 to 2025, the parcels in total have increased in assessed value over the same time period nearly 27 percent, a review of the sale documents indicated. EDENS still lists Lakeland Town Center in Auburn, which was also part of its 2022 acquisition sweep, in its portfolio. Representatives for PECO did not immediately respond Wednesday to a request for comment. PECO on its website touts itself as 'one of the nation's largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers.' As of December 31, the company managed 316 shopping centers, including 294 wholly-owned centers across 31 states, and 22 shopping centers owned in joint ventures. The company, in its current leasing material for Westgate North, says about its property that 'Population exceeds 89,200 in a three-mile radius with an average household income greater than $117,000.' Westgate North, 2601 N. Pearl St., is shadow-anchored by Safeway, with the store site and its parking lot owned by Albertsons/Safeway. That store, 2637 N. Pearl St., was included in a proposed property selloff list issued by Kroger and Albertsons in July 2024 as part of their failed merger attempt. Westgate North is PECO's third shopping center investment in Washington state. PECO's website shows Claremont Village in Everett and The Orchards in Yakima also in its portfolio of U.S. sites. The Seattle Daily Journal of Commerce first reported on the sale early Wednesday. In June 2024, The News Tribune reported that Westgate North appeared to be on the market as of May via a listing with commercial real estate firm JLL for an undisclosed price. The listing came amid the sale of portions of its retail neighbor Westgate South, which sold for $12.9 million to an LLC affiliated with Dallas-based Crow Holdings. The latest selloff follows news of another Tacoma shopping center sale. James Center, 6901 S. 19th St., sold last month for $36.75 million to an LLC affiliated with Rosen Harbottle, a commercial real estate firm in Bellevue. Previous reporting by The News Tribune contributed to this report.
