Netting 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.
Approved for development of two additional stories, the property sits just north of Broad Street in downtown Charleston. Current tenants include a ground floor boutique bridal shop and a second-story marketing firm. An additional plus consists of eight deeded parking spots, a rare occurrence for the downtown zone and especially Charleston and King streets.
“King Street has seen tremendous rent growth recently, especially the last two to three years,” Yelm stated. “National retailers that have moved into the area, such as Louis Vuitton, Kate Spade, and Banana Republic, continue to push demand for retail even farther south down King Street.”
Marcus & Millichap is a nationwide firm specializing in commercial real estate investment with regional offices in Bethesda, Maryland and corporate headquarters in Calabasas, California.