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616 Coleman Boulevard Mount...

Edens Acquires 104K SF Retail Space In Mount Pleasant For $28.5M
SOLDRetail

Edens Acquires 104K SF Retail Space In Mount Pleasant For $28.5M

616 Coleman Boulevard Mount Pleasant, South Carolina 29464, USA

$28,500,000

$274/SF

Building Size

104,000 SF

Asset Type

Retail

Closing

Jul 17, 2023

AI

Edens, represented by Alan Freeman and Jeff Yurfest of The Shopping Center Group (TSCG), has acquired 104,000 square feet of retail space at 616 Coleman Boulevard in Mount Pleasant, South Carolina. The property sits on 8.8 acres of land and was sold by GMB LLC for a price of $28.5 million. The transaction was facilitated by Tim Wood and Woody Kapp of Meyer Kapp and Associates.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $28,500,000
  • Address: 616 Coleman Boulevard, Mount Pleasant, SC
  • Market: Mount Pleasant, SC
  • Total Acres: 8.8

The buyer, Edens, was represented by Alan Freeman and Jeff Yurfest of TSCG in the acquisition of this retail property. On the other hand, the seller, GMB LLC, enlisted the services of Tim Wood and Woody Kapp from Meyer Kapp and Associates. Together, these professionals facilitated the transaction, which resulted in Edens securing the property for a significant price.

Players

Alan Freeman

TSCG (The Shopping Center Group)

Broker

$28.5M

vol

1 deal

Broker
Edens
EdensBuyer

Mount Pleasant Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.56%

Cash-on-Cash

-0.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93