Monarch at North Charleston
North Charleston Center is a major regional center anchored by Northern Tools, CitiTrends, Dollar Tree, McDonalds and Popeyes, among other national chains. The property is in North Charleston, a suburb of Charleston where Boeing has been building its 787 Dreamliner and undergoing repaid expansion of its major manufacturing hub there.
“We are excited to expand the Monarch footprint into South Carolina for the first time, and look forward to more acquisitions there in the coming years,” said Monarch’s Managing Principal, Stephen M. LaMastra. “We are also excited about the opportunity to serve the North Charleston community as it undergoes growth related to its new state-of-the-art Boeing facility and nearby Charleston International Airport.”
Monarch acquired the property from DDR Corp. and the transaction was arranged by Newmark Grubb Knight Frank. CMBS financing for the transaction was provided by Cantor Commercial Real Estate.
With the addition of North Charleston Center, Monarch and its affiliates now own and manage nearly 1,000,000 square feet of retail space throughout the southeastern U.S. Monarch plans to acquire $200 million of properties in 2014.
Monarch Investments Group owns numerous other retail properties in the greater Atlanta area. Monarch is an affiliate of Atlanta-based Crown Holdings Group, founded in 2009. Crown plans to grow into “one of the most active real estate companies in the southeastern U.S.” over the next two years, according to co-founders Moshe Manoah and Blair Schlossberg.
Crown has investments in retail, multi-family, office, residential and mixed-use properties. Crown and its affiliates have acquired over $500 million worth of assets over the past several years and plan to acquire over $1 billion worth of properties over the next three years.
Monarch Investments is actively seeking retail shopping center located in the United States. Please contact Stephen M. LaMastra at (770) 391-1233 for more information.