Beach Co. sells The Boulevard for $66.5M

By Liz Segrist
lsegrist@scbiznews.com
Published Feb. 6, 2014

The Boulevard, a mixed-use development on Coleman Boulevard in Mount Pleasant, has been sold for $66.5 million about a month after it officially opened.

The Beach Co. recently sold The Boulevard to TR Boulevard Corp., which is connected with Chicago-based Heitman Capital Management LLC. (Photo by Jason Stemple, courtesy of The Beach Co.)

The Beach Co. recently sold The Boulevard to TR Boulevard Corp., which is connected with Chicago-based Heitman Capital Management LLC.
(Photo by Jason Stemple, courtesy of The Beach Co.)

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Charleston-based The Beach Co. on Jan. 16 closed the sale of the development to TR Boulevard Corp., a Delaware corporation, according to Charleston County land records. The land records show TR Boulevard Corp. is an entity of Heitman Capital Management LLC, a Chicago-based real estate investment firm.

“We are pleased that a well-respected institutional investor recognized the potential of Mount Pleasant and The Boulevard project,” The Beach Co. President and CEO John C.L. Darby said in a statement. “It was a difficult decision, as the Darby and Way families have owned this site for over 60 years.”

The Beach Co., the town of Mount Pleasant and Coleman Revitalization Advisory Board envisioned that The Boulevard would help revitalize the area into a Main Street-like area for Mount Pleasant.

The four-story, $40 million development sits on nearly 6 acres and includes residential and commercial space.

Charleston-based Maverick Southern Kitchens plans to open a 145-seat restaurant at the development in March. Stox & Co., a salon and day spa, will also open there sometime this year.

Roughly 3,000 square feet of the overall 12,000 square feet of commercial space is still available for lease. The remaining space can be subdivided into two stores, said Karen Bacot, The Beach Co.’s marketing director. The project also includes a 313-space parking garage and parking throughout the development.

The residential component — The Boulevard Apartments — includes 325 units, a mix of studios, and one-, two- and three-bedroom apartments, as well as a gym for residents.

Roughly 100 units remain available for lease, according to The Boulevard’s website. Some apartments have a wait list.

“The Beach Co.’s mission is to establish landmark properties like The Boulevard that, over time, will improve the quality of life for our neighbors and contribute to the long-term economic vitality of the area,” Darby said.

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