Ruthie Ravenel, an agent with Daniel Ravenel Sotheby’s International Realty, recently represented the buyers in a transaction for 30 and 34 Broad St. in Charleston, the former First Federal Bank.
The value of the transaction, which closed in early August, was just over $6.92 million.
The partially finished office building measures more than 27,000 square feet and features two floors of unfinished space. The ground floor presently houses a real estate firm as well as South State Bank's offices. The second floor is vacant; the third floor has been leased.
The sellers in the transaction were represented by Joe Keenan at Palmetto Commercial Property, Inc.
The buyer of the space is James Smith of Roanoke, Virginia, the founder of Smith/Packett and the CEO of Wessex Capital Investments LLC. Smith plans to relocate his company to Charleston, housing Wessex Capital in one or more of the suites in this downtown office building.
"The commercial market in Charleston has shown strong growth since the recession with a great demand for high quality, updated office space," Daniel Ravenel, brokers in charge and owner of Daniel Ravenel Sotheby’s International Realty, said. “With more growth in Charleston’s already diverse business environment, historic commercial property has become a strong investment."
Daniel Ravenel Sotheby’s International Realty has been in operation for 32 years and has closed nearly $2 billion in real estate transactions.