Marcus & Millichap, a commercial real estate brokerage firm, sold a 5,000-square-foot value-add industrial warehouse at 6650 Jet Park Road in North Charleston.
The warehouse’s value was enhanced by its location in a growing market, the second largest city in the metropolitan area with 109,800 residents, with tourism, education and port access as part of the draw, according to Ani Paulson, the Marcus & Millichap senior associate who carried out the sale.
“We were able to trade this for $240 per square foot to an owner-user due to heavy demand,” Paulson said in a news release. “The building is in the center of Charleston and minutes away from major interstates, close to the ports and adjacent to the airport, which makes the property even more desirable for an industrial tenant. Additionally, the property is also zoned heavy industrial which is rare to come by.”
Specific terms were not disclosed.
Ben Yelm was the South Carolina broker of record for Marcus & Millichap, which specializes in investment sales, financing, research and advisory services.
“The offering was a vacant industrial building, and there is ample demand for similar opportunities in Charleston but short supply,” Paulson said in the release.
Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion, the company says.