CBRE Brokers sale/leaseback of Boy Scouts of America Coastal Carolina Council headquarters
October 26, 2016
CBRE Group, Inc. has arranged the sale of the Coastal Carolina Council of the Boys Scouts of America headquarters located at 1025 Sam Rittenberg Boulevard in Charleston, South Carolina. Michael Carmody exclusively represented the buyer, Charles Tumbleston, in the transaction. The property sold for $1.1 million on September 15, 2016.
The 3.5-acre tract and 10,000 sq. ft. office building has been used as the regional corporate headquarters and National BSA Scout Shop since 1982. The picturesque site featured extensive salt marsh frontage with unobstructed views of the Ashley River and a plethora of century-old moss-draped oak trees.
With Charleston’s explosive population growth toward the northern portion of the tri-county area, the Council voted to sell this property and relocate in a more central location to better serve their Scouting families explained Carmody.
Tumbleston, who along with his daughter and CEO Amy Tumbleston Brown, own Tumbleston Photography Studio, a successful full-service professional photography studio. Founded in 1980, the studio had been searching for a new location to accommodate their continued growth for the past five years and had not found the right fit. All that changed when Carmody approached them about the Scouts property.
“The first time we toured the property we knew it was meant to be,” said Tumbleston Brown. “The location has great accessibility, we could repurpose the existing building and have an idyllic outdoor canvas to offer our clients.”
“As a lifelong Scout with a close relationship with the Council, I knew the property well,” said Carmody. “We knew there would be multiple players during the bidding process including residential developers so it was critical we make our offer attractive and clear that we were going to utilize the existing building, which had sentimental attachment.”
The seller was represented by J. Miles Barkley and Reid Davis of Lee & Associates. Tumbleston has leased the property back to the Scouts rent-free through July 2017 while they search for their new location.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
