South Carolina firm Ziff Properties Inc. has sold Berwick Marketplace, a 38,000-square-foot shopping plaza on Ogeechee Road.
The property sold to a private investor from South Florida in a deal worth $5.9 million, according to a press release.
Ziff Properties bought the property in 2011 for an undisclosed sum, taking on its non-performing mortgage and turning the center around.
The property was previously sold in 2007, two years after it opened, for $10.275 million before the real estate crash of 2008.
The plaza is adjacent to Kroger and houses 20 retail spaces, including Pizza Hut, The UPS Store, a tanning salon, Sakura Restaurant and Dean Jon Hair Salon.
Christian Chamblee, Ziff Properties COO, said in a statement his company was pleased with the outcome of the sale.
“Ziff continues to be a serious player in the arena of value-add, REO, underperforming and distressed assets,” said Chamblee.
Cliff Taylor and Craig Taylor of CB Richard Ellis brokered the deal on behalf of Ziff Properties.
The Charleston-based real estate investment, development and management firm owns more than $250 million worth of commercial space in the Southeast. Its only other Savannah holding is the Manger Building on Congress Street.
