Charleston Retail Center, The Shoppes at Montague Corners, Sells for Almost $19 Million
A significant retail center located in North Charleston, The Shoppes at Montague Corners, has been sold for a substantial $18.75 million. The sale was successfully conducted by the commercial real estate brokerage firm, Marcus & Millichap, according to an official news release.
Revitalization of North Charleston Retail Center
The 23-tenant retail center is an exemplary representation of the revitalization potential of retail real estate in North Charleston. The shopping center has been an influential part of the community for a significant period of time. Recent improvements to the property have not only breathed a new lease of life to the location but also attracted a diverse mix of tenants, both local and national-level.
Seller and Buyer Information
The property was listed on the market by specialists Allyssa Paragano and Ani Paulson from Marcus & Millichap’s Atlanta and Charleston offices. Acting on behalf of the seller, a family office based in Mount Pleasant, they successfully procured the buyer, who represents a partnership between a group of local buyers and a capital firm based in New York City.
Value-Add Opportunities and Potential
Though the property is fully stabilized, it holds significant value-add opportunities with the additional outparcels that came with it. There is also promising potential in leasing the remaining vacant spaces. As per the divulged details, the Shoppes at Montague Corners offer not only a stable income stream but also an attractive upside for future investors who are willing to capitalize on the untapped potential of the outparcels and other tenant opportunities.
Details About the Property
The retail center, situated at 5060 Dorchester Road, North Charleston, extends over 106,518 square feet area and is 94.6% occupied currently. Major tenants include Planet Fitness, Dollar General, Harbor Freight Tools, and Save-A-Lot, among others. In the last two years, the asset has undergone over $4 million renovations, including a new facade, parking lot upgrades, and landscaping improvements.
This substantial property sale underscores the potential and vitality of retail real estate in the Charleston area. It also gauges the escalating interest of local as well as national-level tenants and investors in the region. Furthermore, it signals towards the strategic trend of reimagining and revitalizing retail spaces to better cater to the changing needs and preferences of consumers.
