Investment Sales Soar in Charleston in 2013
Sales of commercial buildings last year in Charleston totaled $540 million, 21% more than the previous record set in 2012 and 32% ahead of 2011’s volume. Including land, and the record $350+ million Kiawah transaction, the aggregate is just shy of an astounding $1 billion. Leading the way for sales of existing buildings were apartment communities, then shopping centers, followed by office building transactions.
Sales of office buildings totaled $82 million in 2013, most all in the first half of the year, versus just $15 million in all of 2012.
While lagging 2012’s record volume of $194 million, sales of apartment communities again led all product types in 2013 ($140 million) paced by the $48.1 million ($175,000/unit) transaction of new luxury Talison Row Apartments on Daniel Island.
After just one sale in the first half of 2013, six hotels sold in the second half of 2013, including the Hyatt Place in North Charleston at $104k/key. Total volume was $62 million, more than double the $28 million in 2012.
While ten shopping centers traded in 2013, only three were above $5 million but they were significant, led by Freshfields Village at Kiawah Island that sold for $59.8 million, followed by another high-water mark transaction, Patriots Plaza, the Whole Foods/Staples center in Mt. Pleasant at $24.6 million. Summerville Plaza rounds out the top three retail deals for the year, all in the second half, and two anchored (or will be) by Harris Teeter (who itself is being bought by Kroger).
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