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Institutional Buyer Takes Retail Center for $21M

MOUNT PLEASANT, SC-Patriots Plaza is a 116,868-sf property with a tenant mix of national and local businesses. It is currently 98% occupied.

By Melissa Kress | Updated on July 25, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

MOUNT PLEASANT, SC-A joint venture between Kimco Realty Corp. and GE Capital has sold Patriots Plaza for $21.25 million. The new owner is an institutional buyer represented by Hart Realty Advisors.

The deal for the 116,868-sf retail center equals approximately $183 per sf. A spokeswoman for Hart Realty tells GlobeSt.com the company cannot disclose the buyer or the cap rate. The property was 98% occupied and the tenant roster includes Whole Foods Market, Staples, H&R Block, Comcast Cablevision and State Farm Insurance. Twenty-two local businesses also call Patriots Plaza home, according to Hart Realty.

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