Marcus & Millichap Facilitate Successful $18.8 Million Sale of Retail Center in North Charleston

Marcus & Millichap Brokers $18.8 Million Sale of North Charleston’s Shoppes at Montague Corners

North Charleston, S.C. — Major headlines from the real estate world proclaim the successful sale of the Shoppes at Montague Corners, a local retail center, for an outstanding figure of $18.8 million. The brokering and transaction duties were successfully conducted by the prominent real estate investment firm, Marcus & Millichap.

About The Shoppes at Montague Corners

Based in North Charleston, the expansive property boasts a total area of 106,518 square feet and is anchored by the popular fitness chain, Planet Fitness. Consisting of 23 tenants, the retail center had an impressive 94.6 percent occupancy rate at the time of its sale.

Other notable tenants operating in the Shoppes at Montague Corners consist of national chains like Dollar General, Harbor Freight Tools, and Save-A-Lot. Over the past two years, the center has gone through renovations and tenant improvements totaling $4 million, effectively augmenting its value and attractiveness to businesses and consumers alike.

The Transaction and its Trailblazers

In this significant property transaction, Ani Paulson and Allyssa Paragano from Marcus & Millichap served dual roles. Apart from representing the seller’s interests, they also procured the buyer, leading to a smooth and successful deal. The
specific details about the identifications of the buyer and seller remain undisclosed.

State of Retail Centers and Their Outlook

The successful sale of the Shoppes at Montague Corners is particularly noteworthy given the changing dynamics of retail sectors across the U.S. With an increasing focus on e-commerce, traditional brick-and-mortar establishments like retail centers and malls are evolving to offer unique experiences and services that cannot be replicated online.

These establishments are increasingly turning into lifestyle centers, combining elements of traditional retail with dining, entertainment, and other experiential features. Such transformations are reflected in the Shoppes at Montague Corners as well, considering its variety of tenants and recent renovations, promising a multi-faceted shopping and lifestyle experience to patrons.

Looking forward, the $18.8 million sale of the Shoppes at Montague Corners could mark another milestone in the resilience and evolution of retail real estate. The transaction signifies the continuing attractiveness and strategic value of physical retail locations, and its value-adding role to communities through secured jobs, services, and economic contributions.

The exact terms and future plans for the Shoppes at Montague Corners have not yet been made public. However, this significant sale highlights the enduring appeal of strategic real estate, and the ongoing evolution and adaptability of retail real estate amidst a rapidly changing consumer landscape.

Author: HERE Lexington