$14.3M refinancing secured for Mount Pleasant retail center

A $14.3 million refinancing project has been arranged for The Plaza at East Cooper in Mount Pleasant.

The Plaza was built in 1975 and is 85% occupied by restaurants, retailers and service-based tenants. The most notable store in the strip is Aldi, which was ranked as the fourth most-visited Aldi in South Carolina, according to a news release.  

The buildings also include Firehouse Subs, Batteries Plus Bulbs and 843 Nail and Spa. According to the release, the property has seen visitor growth increase by nearly 22% in the past three years.  

“The Plaza at East Cooper represents a unique opportunity in one of Charleston’s most desirable submarkets,” Eric Tupler, executive managing director for JLL Capital, said in the release. “The property’s strong performance, coupled with planned renovations and exceptional demographics, positions it well for continued success.” 

JLL Capital Markets, a global solutions firm for real estate investors and occupiers, arranged the loan for Bamoza LLC, a private investor, through an insurance company lender, the release said. 

According to the release, the Jll Capital Markets debt advisory team was Tupler; Rob Bova, director; and Ellie Savage, senior analyst, with help from local market expert Alexis Kaiser. 

“The Mount Pleasant retail submarket continues to demonstrate strong fundamentals with just 2.8% vacancy and consistent rent growth,” Rob Bova, director for JLL Capital, said in the release. “Grocery-anchored retail assets in high-barrier-to-entry locations continue to attract favorable financing terms despite the current interest rate environment.” 

The Plaza is located at 607-629 Johnnie Dodds Blvd., where traffic reaches about 48,000 vehicles per day, the release said.