FOR IMMEDIATE RELEASE
NORTHWOOD INVESTORS PURCHASES FRESHFIELDS VILLAGE
Lifestyle Center to
Operate Under New Management Company; Former Owner Retains Undeveloped Parcel
Mike Touhill (843) 768-6529
December 5, 2013 (Kiawah Island, SC) — Northwood Investors LLC, a leading privately-held global real estate investment and management firm announced today it has purchased Freshfields Village from Kiawah Partners, the owner and residential real estate developer of Kiawah Island. The transaction includes all of the existing commercial and retail space that encompasses the lifestyle destination located at the crossroads of Kiawah, Seabrook and Johns islands. Terms of the sale were not disclosed.
Northwood Investors has acquired the existing 180,000 square feet of office and retail spaceand the rights to expand the shopping center by an additional 30,000 square feet.Not included in the sale is The Andell Inn, a boutique hotel owned by Local Hotel Adventures, LLC, which is slated to open in 2014.Freshfields Village will be managed by Northwood Retail, a subsidiary of Northwood Investors,that specializes in property management, leasing, development and marketingof its retail portfolio .Northwood Retail will retain the existing leasing and property management team.
Kiawah Partners, in addition to being the second largest tenant, will also retain approximately 17undeveloped acres for future development and continue to operate The Station via its Kiawah Island Club management group.
“Having a true retail operator with the experience and resources of Northwood is going to have a very positive impact on the future of Freshfields Village,” said Chris Randolph, Partner, KiawahPartners. “As a major stakeholder in Freshfields Village, Kiawah Partners is confident that Northwood will add value to the shopping center and is excited to work with Northwood to enhance the offering that makes it a unique dining, shopping, and entertainment venue.”
Kiawah Partners will continue to manage the design and architectural review process known as the Freshfields’ Architectural Review Board to ensure the architectural quality and integrity of the center are preserved during any future development by Northwood.
About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment firm currently managing approximately $4 billion of real estate across a diverse portfolio. Northwood has extensive experience investing in a wide range of real estate assets including office buildings, shopping centers, hotels and residential properties. For further information on Northwood, visit: www.northwoodinvestors.com
About Kiawah Partners
Kiawah Partners is the master developer of Kiawah Island, a 10,000-acre residential resort beach community,located 21 miles south of Charleston, South Carolina. For more than two decades, the company has thoughtfully created a low-density, environmentally sensitive enclave that blends world-class amenities with unmatched natural beauty. Kiawah Partners owns and operates Kiawah Island Real Estate, the only on-island residential real estate brokerage and The Kiawah Island Club, which encompasses golf courses by Tom Fazio and Tom Watson, a beach club, sports pavilion, and spa. For more information about Kiawah Island, visit: www.Kiawah.com