Burroughs & Chapin is expanding their holdings into Savannah, Georgia, with the purchase of additional properties on Broughton Street, part of the largest national historic landmark district in the U.S.
The four properties along the commercial avenue attracts 13 million visitors a year, and are part of the Myrtle Beach real estate company’s investment strategy of acquiring irreplaceable, experiential retail properties in iconic locations throughout the Southeast, the company said in a statement.
“We've always had a special interest in growing our footprint in Savannah,” said James W. Apple, Jr., president and chief executive officer of Burroughs & Chapin.
“Savannah's beauty, magnificent history, and Southern charm make it tremendously attractive to us. We were delighted to have the opportunity to add to our presence on Broughton Street, a destination in its own right with a reputation for providing some of the best shopping in the South,” Apple said.
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The newly acquired properties contain a mix of retail and office space that includes Vineyard Vines, L'Occitane, and Savannah Taphouse.
Broughton Street is part of historic downtown Savannah and is packed with an eclectic mix of antique stores, fine dining, upscale boutiques, and national retail chains.
Chad E. Carlson, executive vice president for Burroughs & Chapin, cited Savannah’s growing attraction among millennials and affluent retirees as a contributing factor to the city’s economic growth.
“With its unique mix of gourmet shops and galleries surrounded by 19th century architecture, historical monuments, and elegant fountains, Broughton Street has a special sense of place and we're very pleased to be able to increase our holdings in this unique location,” Carlson said.