CBRE brokers sale of 1333 Main Street in Columbia
July 19, 2016
CBRE Group, Inc. has arranged the sale of 1333 Main Street in Columbia, SC. Patrick Gildea and Aaron Dupree exclusively represented the seller in the transaction. The portfolio sold to Albany Road Real Estate Partners on July 8, 2016.
1333 Main Street consists of a 203,307-square-foot multi-tenant office building, an adjoining surface parking lot, and a parking deck with 22,035 sq. ft. of street-level retail. Primely positioned adjacent to the thriving Vista entertainment district, 1333 Main Street is located in Columbia’s Central Business District, which is the dominant and strengthening office submarket. The CBD has witnessed an 18-month rental rate growth of nearly 16%.
Patrick Gildea commented, “There have been very few Downtown Columbia office tower sales; however, this sale is evidence of pent-up demand from the investment community. As pricing in larger markets becomes increasingly competitive, capital is turning to smaller markets in search of opportunities.”
CBRE will be retained for the leasing and management of 1333 Main Street, which is currently 94% occupied. Anchor tenants at 1333 Main Street include PricewaterhouseCoopers, South Carolina Education Lottery, South Carolina Workers’ Compensation Commission and Dovetail Insurance.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
