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Marcus & Millichap Announces $18.75M Sale of Retail Center in North Charleston
June 17, 2024
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CHARLESTON, S.C., June 17, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shoppes at Montague Corners, a 23-tenant retail center located in North Charleston, S.C. The property sold for $18,750,000.

"The Shoppes at Montague Corners is a shining example of the revitalization potential of North Charleston retail real estate," said Allyssa Paragano, associate. "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.

"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. "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. 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. The Shoppes at Montague Corners are ideally located within a few miles of Charleston International Airport and the Tanger Outlets, making it a prime location for continued growth and tenant attraction.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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Marcus & Millichap Inc. published this content on 17 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2024 20:38:21 UTC.