Columbia, SC – Colliers International’s Henry Roe and Allen Wilkerson represented the seller in the disposition of the Stephenson Center office buildings. The center, which is comprised of three buildings totaling 104,300 square feet of office space, sold for $7,750,000. Upon completion of the sale, the new ownership awarded Colliers the leasing assignment for the buildings and Colliers’ Real Estate Management Services (REMS) team the property management assignment for the property.
The purchaser, RealOp Investments, plans to continue renovations begun by the previous owner and offer “ready to lease” office space, which the brokerage team is confident will be well received by the market.
“The building is in excellent condition with easy interstate access to I-126, I-26 and I-20, as well as downtown Columbia,” said Roe, a Vice President with Colliers International South Carolina. “Having ‘ready to lease’ office space will be an important attraction for office users, especially as office rents in the St. Andrews submarket have increased $1.50 to $3.00 per square foot over the past 24 months and are anticipated to rise further as the cost of construction increases and multi-tenant office building spaces become more limited.”
“RealOp is excited to build upon our relationship with the Colliers team as we expand our presence into the top growth markets of the Southeast,” said Kyle Putnam, CCIM, RealOp’s Chief Investment Officer. “We target properties that offer both a competitive income return and a potential for capital appreciation, and Stephenson Center is our fifth acquisition in the Columbia market in the last 36 months.”
Colliers South Carolina has the largest commercial property management portfolio in South Carolina, and with the addition of Stephenson Center, the firm’s portfolio in South Carolina now includes approximately 13.7 million square feet of managed commercial space across the state.
Roe and Wilkerson, a Brokerage Associate, are members of the Colliers office team, specializing in corporate and landlord consulting services and representation of clients in the leasing and sale of office properties.