Octave Holdings Acquires Commons at Magnolia Shopping Center

News Summary

California-based Octave Holdings and Investments has acquired the Commons at Magnolia shopping center in Florence, S.C. The 100,000-square-foot retail space is 90% leased, with Target as the anchor tenant. This purchase follows ongoing developments in local retail, including upcoming projects like a new shopping center by the Morgan Companies. Safety concerns have also emerged, leading to new policies at Magnolia Mall after a tragic incident. The evolving retail landscape emphasizes both economic growth and community safety.

Florence, S.C. – California-based Octave Holdings and Investments has successfully acquired the Commons at Magnolia shopping center, a 100,000-square-foot retail space located at 2887 David H. McLeod Blvd. The acquisition was facilitated by The Palomar Group, which has a history of working with commercial real estate transactions.

At the time of the purchase, the shopping center was reported to be 90 percent leased. Anchor tenant Target leads a mix of other retailers, including PetSmart, Michaels, Men’s Warehouse, and Rack Room Shoes. The Commons at Magnolia has been serving the Florence community since its construction in 1989 and sits on an expansive 11.7 acres of land.

This acquisition comes amidst ongoing developments in the local retail landscape, as several projects are either planned or in progress. Notably, the Morgan Companies have announced plans to establish a new shopping center at the intersection of West Palmetto Street and South Ebenezer Road in Florence, set to open in late 2026. This new center will feature a Publix as its anchor store, along with an additional 18,050 square feet of retail space and outparcels for future use. The Publix store will operate over 46,000 square feet and is projected to employ approximately 140 associates.

Retail real estate continues to adapt in Florence and throughout the region. Various industry events are planned, including the InterFace Kansas City Retail conference, which will gather retail leaders to discuss prevailing trends and challenges. Another significant event, the InterFace Houston Industrial conference, aims to focus on emerging industrial development and investment patterns.

There have been concerns about safety and security in the area, notably highlighted by a recent lawsuit filed against Magnolia Mall. The plaintiff, the mother of 15-year-old Avery McDonald, alleges that inadequate security at the mall contributed to her child’s tragic death in a parking lot shooting. The lawsuit names the mall’s parent company, PREIT, and Allied Universal Security Services, indicating that PREIT’s financial issues may have led to scaled-back security measures. This spacifically claims that there have been 184 violent incidents reported at the mall since 2014.

In response to security concerns, Magnolia Mall has implemented a new youth supervision policy, which requires minors to be accompanied by an adult while on the property. This safety measure follows McDonald’s death, which has reshaped discussions about mall security and community safety.

As the retail landscape evolves in Florence, so too does the focus on community safety and the effects of retail developments on the area’s economic growth. Stakeholders and local residents will be closely watching the impact of these changes in the coming months.

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Additional Resources

• Shopping Center Business: Palomar Group Facilitates Sale
• Post and Courier: Publix New Shopping Center in Florence
• WMBF News: Mother Files Wrongful Death Lawsuit
• NewsCenter Maine: JoAnn Stores Closing
• WBTW: Florence Mall Sued by Family
• Wikipedia: Shopping Mall
• Google Search: Retail News Florence South Carolina
• Google Scholar: Shopping Centers
• Encyclopedia Britannica: Retail Development
• Google News: Florence South Carolina Mall

Author: HERE Florence