Spartanburg firm pays $79.5M for new N. Charleston apartments where movie theater stood | Real Estate


A newly constructed, 300-unit apartment development built on a former movie theater site in North Charleston is in new hands after selling for nearly $80 million.

Spartanburg-based Johnson Development Associates paid $79.5 million, or $265,000 per unit, for Monty at 2403 Mall Drive, according to Charleston County land records.

The previous owners were Greystar Real Estate Partners and CP Capital, formerly HQ Capital Real Estate, according to the commercial real estate firm Cushman & Wakefield, which represented the sellers.

The apartments were built where Regal Cinemas 18 at Charles Town Square operated next to North Charleston City Hall before the movie complex closed in December 2019 and Greystar paid $5.015 million for the 10-acre property a week later. The theater was demolished in February 2020.

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Amenities at Monty include a pool with outdoor entertainment, poolside kitchen pavilion, dog park, hammock garden, cornhole court and an event lawn for morning yoga.

The complex also offers movie nights, a bocce ball court, fire pit, clubhouse with hospitality and WiFi, co-working lounge, conference rooms, breakroom café, fitness center, stretch room, on-site recycling and 24-hour parcel lounge.

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YoBo Cantina Fresca

The former site of YoBo Cantina Fresca on Montague Avenue in North Charleston recently changed hands. NAI Charleston/Provided

Changing hands

A former North Charleston restaurant site is now under new ownership.

Blue Bakery LLC recently paid $755,000 for the one-time site of YoBo Cantina Fresca at 1067 E. Montague Ave., according to the commercial real estate firm NAI Charleston.

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The new owner of the 1,600-square-foot property has not disclosed plans for the site.

Thomas Boulware of NAI Charleston represented the seller, Hold Fast Holdings LLC, while Thomas Kennedy of Kennedy Commercial Real Estate represented the buyer.

Reach Warren L. Wise at 843-819-9269. Follow him on Twitter @warrenlancewise.

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