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Real Estate - Commercial

Hudson Nissan purchases vacant furniture store for $3.5 million

Real Estate - Commercial
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As big box retailers downsize storefronts, Hudson Nissan capitalized on an opportunity to take over 31,167 square feet of vacant space: the former HHGregg on Rivers Avenue in North Charleston.

The company said it needed more square footage to accommodate a booming used car market that is pushing sales of older car models.

Welles Worthen, broker at NAI Charleston, and Dexter Rumsey, represented Real Estate Holdco LLC, the buyer in the transaction. The property sold for $3.5 million.

“We have seen big box retail buildings being converted into many different uses, such as office space, call centers, recreation, medical, like MUSC in Citadel Mall,” Worthen and Rumsey said in an email.

The automotive industry is no different.

“These open, conditioned big box buildings have great bones for many different users,” they said. “Replacement cost for this type of facility would be twice as expensive due to the cost of materials in today’s world. Fortunately, our client was able to capitalize off of this big box downward trend and acquire the building for a fraction of the cost.

Worthen and Rumsey said remaining creative is essential when trying to find a site that fills the need of clients. That’s why they considered big box retail from the start.

The Realtors said the HHGregg building had the right layout and column spacing for Hudson Nissan’s needs.

“Ultimately, proximity was the most important factor,” Worthen and Rumsey said.

The former furniture store at 2150 Morrison Baker Blvd. in North Charleston is down the street from Hudson Nissan’s original dealership site.

“It could have been raw land or an existing building, but what they really needed was a site where they could get cars to and from their existing dealership with as little risk as possible,” they said.

Jon Stanley and Joseph Purze of CBRE represented the seller, Vereit Inc. 

Reach Teri Errico Griffis at 843-849-3144.

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