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Berkley Place – the home to Sea Turtle Cinemas and one of the largest commercial concentrations in Bluffton – is being foreclosed on after its owners defaulted on a $23.5 million loan in May. Lender Wells Fargo started the foreclosure proceedings in 14th Circuit Court in May, according to court records.
The future of the center is still unclear, but a judge appointed Faison Enterprises, a Charlotte-based property real estate development and investment company, as the receiver to handle the leasing and management of Berkley Place as the foreclosure proceeds. Announcing the deal in June, Faison officials were optimistic.
“[I]t is well-positioned in the Buckwalter Corridor, which continues to experience substantial population growth, making it an excellent location for restaurants, retailers and office tenants,” Justin P. Schad, leasing associate for Faison, said in a statement.
In addition to the only stadium-seating digital movie theater in all of the Beaufort County and Savannah area, the 24-acre center is home to restaurants, shops and offices. An Outback Steakhouse was added recently. Faison officials said in their statement the area along Buckwalter Parkway is “projected to enjoy substantial growth in all four directions over the next four years.”
