Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Albemarle Point Center, a collection of two office buildings in Charleston’s West Ashley submarket. The final sale price was $26 million, equating to more than $310 per square foot.
Cushman & Wakefield’s Rob Cochran, Bill Harrison, and Nolan Ashton with local support from Nick Tanana and Brady Dashiell represented the seller in the transaction. The property was sold by Insite Properties and acquired by a private buyer.
“This is one of the highest quality assets in the submarket that has benefitted from strategic capital improvements and growth of the overall Charleston market,” said Cochran, Executive Director at Cushman & Wakefield. “Albemarle Point Center is very close to the Peninsula and aren’t any competitive properties within the West Ashley submarket, which will allow the property to attract and retain tenants.”
Albemarle Point Center totals 83,682 square feet and includes one multi-story building at 176 Croghan Spur Rd. and a single-story flex building at 238 Albemarle Rd. The multi-story building was recently renovated.
Both buildings are located in Charleston’s largest population center and are only five minutes from the Peninsula, Interstates 26 and 526 and US Highway 17. East Ashley Bikeway also runs adjacent to the properties and there are plans for the development of a pedestrian bridge over the Ashley River to enhance walkability in the area.
“Apart from its ideal location, the Albemarle Point Center has a diverse roster of long-term tenants and 92% occupancy across both buildings. This offers the buyer a consistent cash flow, smooth lease expiration schedule and the opportunity to lease up vacant space,” added Harrison, Executive Director at Cushman & Wakefield.