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Marcus & Millichap announced the sale of North Rhett Executive Center, a 64,800-square-foot, Class A office/flex building in North Charleston. The asset sold at a capitalization rate of 6.7%, bringing the sale price to $16.9 million, or $260.80 per square foot.
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. 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.
Jenna Philipp of Palmetto Commercial Properties represented the landlord, Balboa East LLC, in the lease of 4,250 square feet of flex space at 4412 Spruill Ave. to Stradley Davidson LLC. John Kincaid of Lee & Associates represented the tenant.
Lee & Associates represented the buyer in the sale of 78,593 square feet of industrial space at 252 Deming Way in Summerville. The property sold for $7,544,928.
David Grubbs of NAI Charleston represented the landlord in leasing 159 Wentworth St., an office located in the historic Harleston Village, to Vacasa. Vacasa is a hospitality management company with properties throughout the United States. They were in search of the ideal downtown office to create their footprint in Charleston. They moved into the freestanding brick building near Colonial Lake and King Street in July. Chad Yonce of Southeastern Management Group represented the tenant.
Robert Pratt of Re/Max Pro Realty represented the buyer, Robert L. Pratt LLC, in the sale of 1.45 acres of vacant land at Dorchester Road at Basswood Avenue from Yaschik Development Co. Inc. for $275,000.
Patrick Nealon of Colliers represented Tom's Liquors in the leasing of 1,500 square feet of retail space at 1115 Central Ave. in Summerville.
Mark Erickson, Matt Pickard and Chloe Heiligenstein of Colliers South Carolina represented Jason Soloman, DMD, in the purchase of one acre of land at 1991 N. Main St. in Summerville for $1 million.
Avison Young commercial real estate’s Todd P. Garrett, Tradd Varner and Daniel McClam represented Hollingsworth Capital Partners–Marathon LLC in leasing 5,000 square feet of industrial space at 3330 Marathon Court, Suite C, in North Charleston to LiteCraft Lighting Inc. Mark Erickson of Colliers represented the tenant.
Avison Young commercial real estate represented Belle Station Company LLC, in the leasing of 1,200 square feet of retail space at Belle Station, 569 Belle Station Blvd., Mt Pleasant, to Sirona Spa & Mobile Massage LLC. David Niemann of Carolina One Real Estate represented the tenant.
Daniel McClam, Todd Garrett and Tradd Varner of Avison Young represented Pepperdam Industrial LLC in the lease of 2,000 square feet of industrial space at 3260 Industry Drive, Unit 102, in North Charleston to Deltrian America Inc. Edward Owens of AgentOwned Realty represented the tenant.
Jon Chalfie and Hailey Clifton of Landmark Enterprises, and in partnership with Ravenel Commercial, represented the landlord, Temisan Etikerentse Trust, in the leasing of an 8,867-square-foot office building at 5880 Rivers Ave. in North Charleston. The tenant, Premier Medical of SC LLC, was represented by Markus Kastenholz of Colliers.