R.B.’s Seafood Restaurant Closes; Iconic Shem Creek Property Sells
for $7 Million
MT. PLEASANT, S.C. — Iconic Shem
Creek eatery R.B.’s Seafood Restaurant has closed its doors, and the property
at 97 Church St. has been sold to Geyer Capital Management LLC of Atlanta for
Charleston Commercial, a key player
in the local commercial real estate market, brokered the deal. The company —
led by C. Kendrick and managing director Joshua Schaap — is skilled at
handling both high-profile and complex deals in the heart of downtown
Charleston and around the region.
Long-time R.B’s Seafood owner Ronnie
Boals said leaving the restaurant business after almost 60 years is
bittersweet, but he’s ready to retire. Due to some health issues, Boals hasn’t
been as active in the daily restaurant operations. Now, he’s looking forward to
traveling and some volunteer work. Boals and his wife live in Mount
R.B.’s Seafood already had closed
because of the coronavirus pandemic.
In 1979, Boals opened the original
R.B.’s Seafood Restaurant on Shem Creek in an old fish shed. In 2002, fire
destroyed Boals’ restaurant, but he rebuilt and reopened in September 2003.
R.B.’s Seafood is an icon on Shem Creek, now known as a go-to spot for locals
and tourists looking for a mix of restaurants and waterfront dining.
Geyer Capital Management has plans to
renovate and upgrade the property before it reopens with a new tenant.
Boals has been a fixture in
Charleston’s food and beverage industry. At one point, he owned six restaurants
in Mount Pleasant, on Johns Island, in downtown Charleston and in North
Charleston. Over the years, Boals built other properties on Shem Creek. About
10 years ago, he got out of all his other business ventures, focusing his
attention on R.B.’s Seafood.
He’s already missing the restaurant,
but it was time for a change, he said.
“It’s been a great business. We
had a lot of dedicated repeat customers,” Boals said. “I’m going to
miss seeing them come in and out.”
Broker Kendrick said orchestrating
this deal and securing a qualified buyer for Boals was important in protecting
such a symbolic Shem Creek property.
“Ronnie has done so much for
Mount Pleasant and the Shem Creek area. We are thrilled to find a buyer who
appreciates this special area and is committed to adding value to our
community,” Kendrick said. “We are confident Geyer Capital will continue
Ronnie’s legacy on Shem Creek.”
Charleston Commercial recently
developed another space in Mount Pleasant, 1223 Ben Sawyer Blvd. Schaap
completely redeveloped two small buildings into one building that now houses
two retail tenants: Mulberry & King, women’s clothing, shoes and
accessories boutique, as well as Coastal Collective, an aesthetic and wellness
Charleston Commercial’s experience
with complex zoning issues, utilities and historic properties makes it uniquely
positioned to facilitate commercial real estate sales, acquisitions and
developments in historic and iconic areas of the Lowcountry.
While Charleston Commercial has
worked on several projects in downtown Charleston, they are looking for
additional opportunities in Mount Pleasant and around the greater Charleston
Over the last three years, Charleston
Commercial has brokered or participated in 19 property acquisitions in downtown
Charleston, totaling more than $74 million. The company was part of one of the
largest deals of the last decade, consisting of eight properties from six
property owners in a landmark deal bordered by King, Society and George
About Charleston Commercial
Charleston Commercial is a fully
integrated commercial real estate group located in Charleston, S.C.,
specializing in commercial brokerage and asset management for a wide range of
property types, including retail, medical office, office, multi-family,
hospitality, urban infill, and industrial properties. The firm offers a broad
range of incorporated services to see assignments through from start to finish.
Services range from market prospecting, acquisition, value creation (including
entitlements, zoning, approvals, and development oversight), leasing, asset
management, and disposition. Reach Charleston Commercial at 843-670-5727.