Charleston Retail, Office Center Acquired for $6M
In a significant commercial transaction, a Class A retail/office center located at 3750 Savannah Highway on the corner of Bees Ferry Road and Savannah Highway in Charleston, South Carolina has been sold. The center has a diverse tenant cohort that comprises retailers such as Subway, State Farm, and Domino’s, along with other businesses like Method Training, Stono Dental Care, Benchmark Physical Therapy, and Nail Kit.
A Major Sale
El Cid Alpha LLC, the previous owner of the property, sold it for a grand total of $5.89 million to 168 LLC. Coldwell Banker Commercial Atlantic oversaw this transaction, with Kip Bowman and Sara Bodell representing the selling side. The retail/office center covers an area of 15,000 square feet and is primed for both retail and office tenants making it an enticing investment opportunity.
A Vibrant Market
Economic development in the West Ashley/Charleston area is booming, according to Sara Bodell, making it a hotspot for new businesses and residents. The area boasts strong economic growth, beautifully planned neighborhoods, and a rich heritage. Kip Bowman further highlighted that the region’s population growth rate is thrice the average growth rate in the United States, having already exceeded 830,000 residents. People are drawn to this region for its plethora of job opportunities and the friendly environment for budding entrepreneurs.
Significant Economic Growth
Bowman also emphasized that Charleston’s economy has more than doubled since 2005 due to the addition of manufacturing jobs at Boeing and Volvo, a thriving IT sector, and the expansion of the port. This rapid economic growth coupled with a steady influx of well-educated young professionals has transformed the region into an entrepreneurial-friendly community.
Part of a Larger Trend
The sale of this retail/office center in Charleston is part of a much larger trend of growth in the region. As Charleston continues to see an increase in population and the establishment of new businesses, it is driving the commercial real estate market growth. The region is quickly becoming a hub for both local and national businesses, making it a prime location for investment opportunities.
