The mixed-use portion of the downtown property sold for $9.35 million.
Greenville, SC – Colliers International’s Scott Burgess and Lance Byars assisted Caprocq Greenville, LLC, in the sale of a portion of the Wells Fargo Center, located at 1 S. Main Street in downtown Greenville, SC. The property, which includes approximately 14,414 square feet of retail space and 26,290 square feet of multifamily (22 units) on the second and third floors, was sold for $9,350,000.
“This property drew interest from buyers located around the country, serving as proof that the Greenville-Spartanburg-Anderson region continues to be a target for national investors,” said Burgess, Brokerage Associate.
The Wells Fargo Center is a notable mixed-use property in the heart of Greenville’s downtown. Right on the famously walkable Main Street, Wells Fargo’s retail space features names like Charles Schwab, Sully’s Steamers, Sticky Fingers and Port City Java. Colliers was awarded the leasing of both the office space and retail space after Caprocq purchased the property in late 2016. Burgess and Byars brought the retail space to 100% occupied within six months, a sign of the location’s desirability amongst retailers and consumers. Retailers also benefited from a significant renovation in the common and public areas of the Wells Fargo Center, handled by Colliers International’s project management partner, LCK, and DP3 Architects.
The property also benefits from 22 multifamily apartments, a commodity in demand, as recent reports indicate a growing demand for both condominiums and apartments downtown.
“The mixed-use nature and location of this property offered many complexities to this deal. Investors continue to be intrigued with Greenville’s growth and stability, and we are excited to have helped put this transaction together,” added Byars, Brokerage Associate.
Burgess and Byars are both members of the Colliers retail brokerage team, specializing in the representation of owners, buyers and tenants in purchasing and leasing retail space.
For the portion of the Center still owned by Caprocq, Colliers retains the leasing and property management assignment, while LCK, Colliers’ project management partner, continues to provide project management services for tenant upfits and renovations.