Oct
20

Charleston Medical Building Sold for $5.25 Million

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medical building clipartA North Carolina real estate firm has that already owns two retail centers in the Charleston region has added a medical office building to its local portfolio.

An affiliate of Ferncroft Capital in a deal with Alexandria One Associates LP of Chevy Chase, Md., paid $5.25 million for the four-story corner property at 163 Rutledge St., in the peninsula’s hospital district. The sale closed last week, according to Charleston County land records. The seller was 163 LLC.

The property, also known as the Calcote Building, was built in 2006 at Rutledge and Doughty streets. It is fully leased, with the Medical University of South Carolina as the anchor tenant.

Medical office buildings have become a hot commercial real estate asset. The sector began to blossom during the last recession. Health care weathered the downturn better than most industries, ensuring investors with stable rent streams. The health care industry also has a captive audience in the rapidly growing senior population that will require more medical services in the years ahead.

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