Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 13,070-square-foot vacant retail property located in North Charleston, SC. The asset sold for $1.6 million, which was 2.01 percent above its list price, according to Benjamin Yelm, regional manager of the firm’s Charleston office.
Ani Paulson and Michael Quirico, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a private investor. Paulson also secured and represented the buyer, another private investor.
“Our team represented the seller in this transaction and procured the buyer. We’d already had great traction in the market due to selling a nearby property in the recent past,” said Paulson. “This acquisition was a great addition to the buyer’s master development plans. I am optimistic that they will take this project to the finish line and greatly improve the area.”
Built in 1990, the property is located at 1910 McMillan Ave in North Charleston, SC, and rests on approximately 0.94 acres of land. Directly across the street from it is the former Charleston Naval Hospital that is currently being redeveloped into a 305-unit multifamily complex. It also boasts significant proximity to Rivers Avenue, one of North Charleston’s major commercial thoroughfares, and the Port of Charleston, which is home to the Charleston Naval Shipyard. The property’s new owner has several options to immediately add value to its vacant space, including leasing it, occupying it as an owner-user or repurposing it for other non-retail uses.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
