Charleston Commercial brokers the purchase of 3 King Street properties for $5.1 million
October 20, 2021
Charleston Commercial has brokered the sale of three King Street properties for $5.1 million.
Burroughs & Chapin, a privately owned real estate investment trust, purchased the properties at 348, 346 and 377 King St. Charleston Commercial represented Burroughs & Chapin in purchasing the three properties from SpringField Properties and King Street Acquisitions.
Burroughs & Chapin’s portfolio includes Broadway at the Beach and Barefoot Landing in Myrtle Beach, 359 King St. in downtown Charleston, and Northcutt Plaza in Mount Pleasant, The firm also owns commercial properties in Savannah, Ga., Raleigh, N.C., Wilmington, N.C., and Columbia, S.C.
“We are pleased to announce our acquisition of four retail storefronts on King Street in Charleston. These assets are a nice complement to our existing holdings on King Street, providing us additional scale on one of the best retail streets in the Southeast,” said Austin Burris, director of acquisitions at Burroughs & Chapin. “We enjoyed working with the Charleston Commercial team on this transaction and look forward to expanding our footprint in the Charleston market.”
The portfolio of ground-floor retail properties are currently occupied by The Copper Closet at 348 King St., MORA Ice Creamery at 346 King St., and Simply j Boutique at 377 King St. The tenants will all remain in their locations.
Charleston Commercial, a key player in the local commercial real estate market, recently brokered several other deals on King Street, including the sale of 438 King St. to Miami-based restaurant Le Chick for almost $6 million.
The Charleston Commercial team is skilled at handling both high-profile and complex deals in the heart of downtown Charleston and around the region.
“There has been a surge of interest from retailers, restaurateurs and investors who want to be part of Charleston’s vibrant downtown,” co-founder C. Kendrick said. “It’s exciting to see this much activity on King Street. It’s a testament to Charleston’s reputation as a phenomenal place to do business.”
In 2020, Charleston Commercial also brokered the sale of the former R.B.’s Seafood Restaurant on Shem Creek for $7 million. And in the last several years, the firm brokered or participated in 19 property acquisitions in downtown Charleston, totaling more than $74 million.
