A real estate transaction valued at $24.5 million recently closed for a sale that combined ten King Street properties and six sellers. The King Street deal included the sale of a large downtown parking lot and two historic buildings in the city’s robust shopping corridor. The sale took over a year and a half to close and is one of the most significant deals on King Street.
The final real estate deal was done through Charleston Commercial and GS Acquisitions and included two historic structures on King Street with first-floor retail spaces and residences on the second floor. Cosmetics retailer, Lush, resides at 316 King Street on the first level, and Mediterranean restaurant, Taziki’s, is located on the first floor of 306 King Street.
A one-story brick building on Society Street was included as part of the deal, and currently houses the Charleston Threshold Repertory Theatre. The Asian restaurant, Chopsticks House, and a vacant retail space are also located in the brick structure.
All three buildings back up to a large 151-space parking lot accessed from George Street, which is considered the biggest part of the purchase. The need for additional parking in the busy shopping district motivated the purchasers of the properties to agree to the deal. The parcel where the former women’s clothing store, Anne’s was located, was subdivided as part of the final agreement so that a portion of the real estate behind the building could be included in the sale. “The next steps include looking for an operating partner to develop the property”, said Josh Schapp of GS Acquisitions, LLC, who was part of the team to lead the venture.
The same team brokered the recent sale of the Bob Ellis Shoes building at King and George Streets and the former Dixie Furniture store on upper King Street. The Dixie Furniture Store property sold for $6.75 million in May 2017 and the Bob Ellis Store at 529 King Street sold for $9.5 million a few months later.
Both of the former family-owned properties recently were zoned for hotel development by the city zoning board. Plans are already approved for a boutique hotel at the former Bob Ellis site that will include 22 guest rooms, a few residential units, and retail space on the ground floor. The former Dixie Furniture property is approved for a boutique hotel with 50 guests and two retail spaces on the first floor.
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