Cushman & Wakefield arranges the sale of office building for $6.5 Million

Allegiancy Acquires Ashley Corporate Center in Charleston, SC

CHARLESTON, SC – Cushman & Wakefield, a global leader in commercial real estate services, announced today the sale of the Ashley Corporate Center to Allegiancy, a private investment firm based out of Richmond, Virginia, for $6.5 million.

The three-story, 54,085 square foot Class A office building is located at 4130 Faber Place Drive at the entrance of Faber Place, North Charleston’s largest suburban office park. Managing Director Rob Cochran and Associate Vice President Jared Londry of Cushman & Wakefield’s Charlotte Capital Markets Group brokered the transaction on behalf of the seller, Applegate & Co., a commercial real estate development firm based in Charleston, SC.

Ashley Corporate Center was 76% leased at the time of sale to an array of tenants including SunTrust Bank, Transamerica Life Insurance and the South Carolina Department of Health and Human Services. The asset is positioned at the gateway to North Charleston, the region’s predominant Class A office market after the central business district. While the Charleston office market is smaller than neighboring markets such as Atlanta, Charlotte and Nashville, it enjoys a lower general vacancy rate and higher average asking rents. As a result, the region has attracted recognition as an institutional investment destination in recent years and was ranked one of the Top Markets to Watch in 2015 by the Urban Land Institute.

“Charleston is experiencing a significant expansion, with employment growth more than double that of the U.S. average over the past five years,” said Mr. Londry. “Demand for high-quality office space is skyrocketing and driving vacancy rates down to historic lows, particularly in North Charleston. Ashley Corporate Center presented a rare value-add opportunity to capitalize on the tenant demand for Class A space in Charleston’s supply limited market.”

Added Mr. Cochran, “North Charleston’s Class A vacancy rate is only 3.1%. Investors were quick to realize the upside potential of a well maintained Class A asset with below-market rents and staggered rollover in a submarket with virtually no competing space.”

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.