Charleston area retail center with national tenants sold for $19 million

A commercial real estate brokerage firm has sold a Charleston-area retail center for $18.75 million.

Marcus & Millichap has sold The Shoppes at Montague Corners, a 23-tenant retail center located in North Charleston, according to a news release.

“The Shoppes at Montague Corners is a shining example of the revitalization potential of North Charleston retail real estate,” said Allyssa Paragano, associate at Marcus & Millichap, in the release. “While this shopping center has been a staple of the community for many years, the recent improvements have given new life to the location and attracted a variety of new tenants, both local and national.”

Paragano and Ani Paulson, investment specialists in Marcus & Millichap’s Atlanta and Charleston offices, had the exclusive listing to market the property on behalf of the seller, a family office based in Mount Pleasant, and procured the buyer, a partnership between local buyers and a NYC based capital firm, the release stated.

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“Despite the property being fully stabilized, there remains a significant value-add opportunity with the outparcels that came with it, and additional potential for leasing the remaining vacant spaces,” said Paulson, vice president of investments, in the release. “The Shoppes at Montague Corners not only offers a stable income stream but also promising upside for future investors willing to capitalize on the untapped potential of the outparcels and other tenant opportunities.”

Located at 5060 Dorchester Road, the 106,518-square-foot retail center is currently 94.6 percent occupied, according to the release. The property is anchored by Planet Fitness with other major tenants including Dollar General, Harbor Freight Tools and Save-A-Lot.

Over the past two years, the asset has undergone over $4 million in renovations and tenant improvements including a new facade, parking lot and landscaping, according to the release.

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