Nov
02

Charleston Medical Building Sold for $5.25 Million

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163 rutledgeA North Carolina firm 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 co-investor Alexandria One Associates LP of Chevy Chase, Md., paid $5.25 million last month for the four-story corner property at 163 Rutledge Ave., in the peninsula’s hospital district.

Charleston County real estate records show 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.

The deal reflects growing demand for medical office buildings, which 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 medical industry also has a captive audience in the rapidly growing senior population that will require more services in the years ahead.

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