CBRE facilitates sale of 3955 Faber Place
August 31, 2015
CHARLESTON, SC – CBRE’s Charlotte, NC, and Charleston, SC, offices have finalized the sale of 3955 Faber Place in Charleston, SC. Currently 100% leased, 3955 Faber Place is part of Charleston’s largest office park and only Class-A suburban office park. CBRE’s Patrick Gildea, Charlie Carmody, Chip Shealy and Chris Tamsberg represented the seller, Tamsberg Properties.
3955 Faber Place totals 62,626 sq. ft. and is situated in North Charleston, which is the largest office submarket in the tri-county area (Charleston, Berkeley and Dorchester counties). At 8.25 million square feet, the North Charleston submarket makes up nearly 31% of the overall Charleston market. 3955 Faber Place is conveniently situated with immediate access to I-526. The building is home to C.H. Robinson, HDR Engineering and Windstream NuVox, among others.
This prime asset reaped the attention of a diverse group of investors and ultimately sold to a fund managed by Sentinel Real Estate Corporation on August 27, 2015. The buyers were attracted to the low vacancy within the submarket, stability of the asset, and potential upside through increasing rental rates as the market continues to improve. Charleston’s vacancy is among the lowest in the Southeast.
Patrick Gildea of CBRE’s Capital Markets Group commented, “We were pleased with the interest level from a variety of buyers, including a mixture of institutions and private capital sources. Although a small market for many institutional buyers, Charleston is becoming a target market for acquisitions.”
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.
