The sale of the 1960s-era shopping center in the heart of a Charleston suburb moves a retail property from a long-time family owner to a larger company, providing the resources for upgrades that local real estate professionals say could benefit the surrounding area.
Edens said it bought Moultrie Plaza at 604-644 and 646 Coleman Blvd. in Mount Pleasant, South Carolina, for $28.5 million from a private individual in Mount Pleasant. The plaza opened in 1963 and was renovated in 1996. The project was selected by a panel of judges made up of commercial real estate professionals as the 2024 CoStar Impact Awards winner for the sale/acquisition of the year for Charleston/N. Charleston.
The property is "prime real estate, and the sale will drive exciting activation and place-making in S. Mt. Pleasant," said Cameron Yost, vice president with Lee & Associates Charleston, who was one of the judges. Another judge, Carter-Haston Real Estate Regional Vice President Chris Carter, said the deal is expected "to make the property better and improve the community."
Local brokers Jeff Yurfest and Alan Freeman learned the property may be coming on the market and reached out to Edens, a company experienced with buying older properties in the U.S. Southeast. Edens had bought the former North DeKalb Mall in the Atlanta suburb of Decatur, Georgia, in 2021 for $24 million with plans to redevelop it into an outdoor shopping center.
The parties agreed to sell quickly, but higher interest rates were a problem in closing a deal. The brokers said they ended up getting the sale completed by structuring the deal to involve stock instead of cash to let the seller reduce their capital gains taxes and allow the buyer to borrow less.
Moultrie Plaza’s tenants include restaurant Senor Tequila Grill. Edens’ deal for Moultrie Plaza also involved a branch of United Community Bank at 602 Coleman Blvd. in an adjacent lot.
About the Project: Tenants also include Bottles Super Store, furniture store Steven Shell Living and United Community Bank. The property was 98% occupied at the time of the sale.
What the Judges Said: "Creative financing and tax management for the sellers made this deal happen. Good work," said Steve Wray, the broker in charge at Carolina One Commercial Real Estate. Meanwhile, Kacky Teston, Bridge Commercial's marketing specialist, said, "This shopping center is in the heart of Mount Pleasant. I believe having a new owner will make a huge impact on the shopping center and help maintain the tenants who have been around for years."
"The broker realized the opportunity and was able to identify a potential buyer and then was able to close the deal, even though economic conditions were changing," added Mark Buono, instructor at the Carter Real Estate Center, College of Charleston. E. David Grubbs, broker and partner at NAI Charleston, noted that the brokers, sellers and buyers "used creative thinking to tap into stock versus cash."
They Made It Happen: Shopping Center Group buyer brokers were Alan Freeman and Jeff Yurfest, both of the Charleston office. Also involved were listing brokers Tim Wood and Woodman Kapp of Meyer Kapp & Associates, Daniel Island, South Carolina.