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Medical office building sells for $12.6 million

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CBRE arranged the sale of a 30,677-square-foot medical building in Charleston for a medical office building. (Photo/Provided)A 30,677-square-foot medical office building has sold for $12.6 million in Charleston as investor interest has picked up, CBRE said in a news release.

CBRE arranged the sale of the three-story building at 615 Wesley Drive.

JEMO - Wesley LLC purchased the property from 615 Wesley Drive LLC.

“While office product was an unpopular asset class for banks and investors in 2020 due to the uncertainty caused by COVID-19, going into 2021 investor interest has picked up, especially with the latest cap rate compression seen in other asset classes,” CBRE’s Charles Carmody said in a statement.

Throughout quarter three and four, investments in Charleston rose to over $90 million worth of office assets being traded, Carmody said. Total sales so far this year have amounted to $136 million.

Reach Teri Errico Griffis at 843-849-3144.

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