A Myrtle Beach-based real estate investment company recently paid $5.1 million for three properties in downtown Charleston.
Burroughs & Chapin bought the two- and three-story buildings at 346, 348 and 377 King St. from SpringField Properties and King Street Acquisitions, according to real estate firm Charleston Commercial, which represented the new owner.
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The newly acquired sites include three ground-floor retail tenants: The Copper Closet, MORA Iced Creamery and Simply J Boutique. All will remain in their locations.
"These assets are a nice complement to our existing holdings on King Street, providing us additional scale on one of the best retail streets in the Southeast," said Austin Burris, director of acquisitions at Burroughs & Chapin.
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Burroughs & Chapin also owns 359 King, where home goods retailer Williams-Sonoma operates, as well as Northcutt Plaza at Coleman and Houston Northcutt boulevards in Mount Pleasant.
The buyer's portfolio also includes Broadway at the Beach and Barefoot Landing in Myrtle Beach along with commercial properties in Columbia, Savannah, Raleigh and Wilmington.
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Charleston Commercial recently brokered several other deals on King Street, including the sale of 438 King St. to Miami-based restaurant Le Chick for almost $6 million. A late-2022 opening is planned for the new venue.
"There has been a surge of interest from retailers, restaurateurs and investors who want to be part of Charleston’s vibrant downtown," said C. Kendrick of Charleston Commercial. "It’s exciting to see this much activity on King Street. It’s a testament to Charleston’s reputation as a phenomenal place to do business."
Source : https://www.postandcourier.com/business/real_estate/myrtle-beach-firm-pays-5-1m-for-3-king-street-properties-in-downtown-charleston/article_e0d61788-311b-11ec-92e0-af74223bd2f6.html3328