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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.

“Patriots Plaza is a great core-plus opportunity in an infill, highly traveled retail corridor,” says Derek Peterson, director of investment transactions at Hart Realty. “The recently completed Arthur Ravenel Bridge and the continued growth north of Interstate 17 have significantly increased the visibility of the center and its roster of destination tenants. We see nothing but positive trends and improving demographics in Mount Pleasant and Greater Charleston.”

According to Colliers International’s North American Retail Real Estate Highlights for 2006, neighborhood center sales prices in Charleston average $240 per sf with a 7% cap rate. Power center sales in Charleston average $300 per sf with a 6.5% cap rate.

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