Feb
29

East West Capital Acquires Lexington Office Building

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southlake centerEast West Capital has acquired SouthLake Center in Columbia, South Carolina. The building, located at 714 South Lake Drive in the Lexington submarket, has 41,953 sf of 100% leased office space on 4.62 acres of land.

Originally built in 1989 as a cut-and-sew manufacturing facility, the building was renovated into a multitenant ofIice building in 1999. SouthLake is currently 100% leased to six quality tenants representing numerous industries. Three tenants, Teradata, Amedisys and Nucor, are billion dollar public companies and represent over 60% of leased space at the property. SouthLake offers tenants a parking ratio of 6.67 per 1,000 square feet, which is well above the market average. Tenants have been trending towards higher density and few buildings in the market can offer a parking ratio that affords this density.

“The spread between the property cap rate and our debt cost is close to 6%, which makes for an attractive investment.” said Brian Nelson, Managing Partner. “With the Columbia office market fundamentals continuing to improve, we believe we are in a good position to keep the building full.”

SouthLake is located in the Lexington submarket, providing convenient access to Interstate 20 and downtown Columbia, as well as the region’s most prestigious residential areas, such as Lexington, Lake Murray, and Irmo. The property is positioned between Lexington and the Interstate which provides great visibility to the many cars that pass the property.

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