Feb
10

50,000 SF Upper King Building Sold for $450/SF

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morris sokolOne of the largest, most-talked-of commercial spaces along Upper King Street — the former Morris Sokol furniture store — has been sold for $22.5 million. Charleston-based investment and development firm Vanderking LLC, managed by Frederick Simon and Michael Shuler, partnered with Greenwich, Conn.-based Wexford Capital to buy the building last week through a joint venture called Vanderking 510 LLC.

The buyer said the development plan for 510 King St. is under evaluation. The building has around 50,000 square feet of space. “We are extremely excited to participate in the continued evolution of Upper King Street through the development of one of Charleston’s most prominent and important locations,” Frederick Simon of Vanderking LLC said in a news release.

Former store owner Joe Sokol, 83, decided to close the 94-year-old store in the summer of last year. Speculation around what will go into the space, which is both an iconic site and a prime piece of downtown real estate, has been ongoing since. The furniture store was opened by Sokol’s father, Morris, in 1929 after he emigrated from Poland. Sokol began working there full time in the 1950s and eventually took over operations at the retail shop.

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