Marcus & Millichap Inc.
06/29/2022 | Press release | Distributed by Public on 06/29/2022 10:35
Charleston Office Building Commands $16.9 Million Sale Price
Press Releases
Charleston Office Building Commands $16.9 Million Sale Price
June 29, 2022
NORTH CHARLESTON, S.C., June 29, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of North Rhett Executive Center, a 64,800-square-foot, Class A office/flex building located in North Charleston, South Carolina. The asset sold at a capitalization rate of 6.70%, bringing the sale price to $16,900,000 or $260.80 per square foot.
"With our national reach and access to the largest pool of 1031 exchange buyers, we were able to build competition between investors," says Ani Paulson, senior associate and lead agent on the deal. "This enabled us to achieve aggressive pricing and favorable terms for the seller."
Paulson and Pearce Vogler, both of the firm's Charleston office, had the exclusive listing to market the property on behalf of the seller. The team also secured the out-of-state buyer.
North Rhett Executive Center is located at 5617 N Rhett Avenue in North Charleston, South Carolina. Built in 2008, the building contains eight suites and sits on 5.02 acres of land. The property is primarily occupied by Department of Defense tenants and is positioned near Joint Base Charleston and Charleston International Airport.
"With our national reach and access to the largest pool of 1031 exchange buyers, we were able to build competition between investors," says Ani Paulson, senior associate and lead agent on the deal. "This enabled us to achieve aggressive pricing and favorable terms for the seller."
Paulson and Pearce Vogler, both of the firm's Charleston office, had the exclusive listing to market the property on behalf of the seller. The team also secured the out-of-state buyer.
North Rhett Executive Center is located at 5617 N Rhett Avenue in North Charleston, South Carolina. Built in 2008, the building contains eight suites and sits on 5.02 acres of land. The property is primarily occupied by Department of Defense tenants and is positioned near Joint Base Charleston and Charleston International Airport.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.