IPA is brokering the sale of an $18 million shopping center in the Hilton Head area

A Bluffton shopping center with tenants including Target, Dick's Sporting Goods and Staples has sold for nearly $18 million.

Institutional Property Advisors, a division of Marcus & Millichap, announced Oct. 28 the sale of Bluffton Target Center, a 100,314-square-foot shopping center near Hilton Head Island. According to a press release, the property sold for $18.75 million.

“With 2.7 million visits per year, Bluffton Target Center is one of the top three most visited malls within 50 miles,” said Zach Taylor, senior managing director of investments at IPA. “The center was 100% leased at the time of sale and the average tenancy period is 12 years.”

Taylor represented the seller, Stafford Bluffton LLC, and brokered the buyer, Tarantino Properties Inc., according to the release.

“Bluffton’s population has grown over 120% since 2010, making it the fastest-growing community in South Carolina,” Taylor said in the release.

The property is located on US Highway 278/Fording Island Road, the major highway system and main shopping corridor connecting Bluffton to Hilton Head Island. There is 2.8 million square feet of adjacent retail space along the corridor and 50,300 vehicles travel on the highway daily. Tanger Outlet Mall in Hilton Head is a five-minute drive from the property.

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Built in 2001 on more than 10 acres, the Bluffton Target Center is founded by Dick's and Staples and in the shadow of Target, the release said. Starbucks and Honey Baked Ham have occupied an outdoor space since the center opened. Other tenants include Bluffton Braces, Payless Shoe, Advance America, Giuseppi's Pizza and Pasta, Cricket Wireless and La Hacienda.

Ben Yelm, vice president and regional manager, is Marcus & Millichap's registered broker in South Carolina.

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