JLL Arranges Sale of Manchester Village Retail Center in Rock Hill, S.C., for $32.5M

JLL Capital Markets announced Oct. 15 the sale of Manchester Village, a 162,326-square-foot retail shopping center at 550 John Ross Parkway in Rock Hill, South Carolina, in the Charlotte metropolitan area. JLL represented the seller, NAI Southern Real Estate, and also arranged acquisition financing for the buyer. The sale price was $32.5 million, or roughly $200 per square foot.

The JLL Capital Markets team was led by Senior Director Tom Kolarczyk and Director Andrew Kahn, along with Analyst Ella Glover.

Manchester Village Property Details

Manchester Village is anchored by TJ Maxx, Ross Dress for Less, HomeGoods, Michaels and Books-A-Million. Additional tenants include Ulta Beauty, Five Below and Panera Bread.

The center, completed in 2002, sits on approximately 21 acres and was 99% occupied at the time of sale. It has four points of access, including two signalized entrances.

Rock Hill Location and Trade Area

The property is in York County, approximately 25 miles south of downtown Charlotte. It sits immediately off Interstate 77 and along Dave Lyle Boulevard, within one of the Charlotte region's primary retail corridors.

The center is surrounded by established residential communities, hotels, Winthrop University and several ongoing mixed-use and multifamily developments. The trade area extends throughout York County and the southern Charlotte metropolitan area, with financial services, healthcare, technology, manufacturing and logistics among the major employment drivers.

"This asset exemplifies the type of market-dominant and necessity-based retail that continues to attract investor attention," Kolarczyk said. "The tenant mix delivers durable cash flow while the York County location provides exposure to Charlotte's growth trajectory with the added benefits of South Carolina's favorable business climate and lower cost of living. The property has a bright future ahead, and the buyer acquired a truly exceptional asset."

Charlotte Retail Market Context

Charlotte's retail vacancy was forecast at 3.5% at year-end 2026, with rent growth projected at 4.7%. Inventory growth has averaged only 0.6% annually since 2019.

Third-quarter data show a split by tenancy type in the Charlotte area. Single-tenant retail vacancy was 2.7%, while multi-tenant vacancy was 5.8%, 10 basis points below the national average. Manchester Village's 99% occupancy places it well above that multi-tenant figure.

Nationally, retail availability stood at 5.3%, and third-quarter absorption reached 1.1 million square feet. The all-retail transaction cap rate was approximately 6.84%.

Buyer and Investment Profile

The buyer was Cohen & Steers Income Opportunities REIT in partnership with Sterling Organization. The acquisition appears aimed at a stabilized, necessity-based center in a growing suburban market rather than a redevelopment play.

Based on net operating income figures in JLL's marketing materials, the $32.5 million price implies a capitalization rate of roughly 6.8%, broadly in line with the national retail benchmark. The comparison is approximate, as net operating income may have changed before closing.

About the Firms

JLL's Capital Markets group provides capital solutions for real estate investors and occupiers, including investment sales and advisory, debt advisory, equity and fund placement, and net lease services. NAI Southern Real Estate is a full-service commercial real estate firm involved in the development, sales, leasing and management of office, industrial, retail, medical office, land and income-producing properties.

Sources

JLL newsroom: JLL arranges sale of and financing for Manchester Village, a market-dominant retail center in Rock Hill, South Carolina