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Charleston Business

Multiple Downtown Charleston Properties Part Of $20+ Million Real Estate Deal

Jul 08, 2019 08:31AM

Photo: Josh Schaap, managing director of Charleston Commercial.

Over the last year and half, agents from local investment firm Charleston Commercial have been working diligently to create one of the most substantial infill deals on the Charleston peninsula. Valued at more than $20 million, the deal closed on July 1.

C. Kendrick and Managing Director Josh Schaap brought together eight properties and six property owners to create this landmark real estate deal bordered by King, Society, and George streets.

The properties include:

  • 316 King St., a historic mixed-use property with retail on the ground floor and two upstairs residential units

  • 306 King St., a historic mixed-use property with retail on the ground floor and four upstairs residential units

  • 84 Society St., where Threshold Repertory Theatre currently operates

  • Four parcels between George Street surface parking lot with 151 parking stalls

  • 80 Society St., home of women’s clothing store Anne’s

Kendrick said handling multiple properties and owners plus the historic nature of some of the buildings makes this purchase one of the most significant commercial real estate deals in downtown Charleston.

The company invested a significant amount of time, money, and effort into figuring out the complexities of the deal, he said.

“Having one entity in control means you can be cohesive in your thought process and planning,” Schaap said. “Now we can plan something thoughtful.”

In the next 12 months, Schaap said they will begin looking for an operating partner to develop the property.

The team worked on 529 King St. (formerly Dixie Furniture) as well as 332 King St (formerly Bob Ellis). The company’s experience with complex zoning issues, utilities and historic properties makes it uniquely positioned to facilities' commercial real estate sales, acquisitions, and developments in Charleston’s historic district.

“Working on projects like this in Charleston’s historic district is so fulfilling,” Kendrick said. “We enjoy working with the many property owners and learning their stories and the history of these properties - many of which date back several generations. We take great pride in maintaining the history and architectural appeal of these buildings.”