Nov
14

Retail Building on Charleston’s King Street Sold for $600/sf

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cash in airNetting a total of approximately $600 per square foot for a retail property, national commercial real estate investment firm Marcus & Millichap recently turned around a 5,850-square-foot site located at 127 King St. in Charleston.

Raj Ravi, the firm’s regional manager for the Carolinas, announced the $3.5 million transaction that the firm handled on behalf of the seller, a local private investor. Marcus & Millichap’s senior associate Ben Yelm and Andrew Margulies, vice president for investments in the company’s Charleston and Raleigh offices, served as exclusive listing agents.

Additionally, Yelm and Margulies found the buyer — a New York-based family investment firm that plans to maintain the property for rent appreciation and potential development on a long-term basis.

“The trade of this property is evidence of the demand for infill real estate in downtown Charleston, especially for out-of-area investors,” Yelm said.

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Categories : Charleston

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