Lee & Associates Closes Sale of $8 Million Office Portfolio
WASHINGTON, D.C. – April 30, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has brokered the $8 million office portfolio of three properties at 4275 Bridgeview Dr., 4355 Bridgeview Dr. and 4340 Corporate Rd. totaling over 112,100 square feet.
R. Milton Thomas, III, CCIM, SIOR of Lee & Associates’ Charleston office represented both the buyer, Bridgeview Properties, LLC, and the seller, the Estate of Morton Needle.
“This sale further shows the confidence in the overall Charleston market as being a solid economy to invest in,” said Thomas.
Built in the late 80’s, the properties sit on 10.2 acres of land with 694 available parking spaces. Two tenants, Serco and NCO, currently occupy about 60 percent of the total space leaving 47,000 square feet currently vacant. Charlie Wendell of Bridgeview Properties, LLC said, “We viewed these assets as a great opportunity for our group to come in and add value to the assets for today’s market. With the recent announcement of Boeing’s further expansion in Charleston and the properties proximity to Boeing, we see a great opportunity to reposition and bring a large block of space to the market at a very competitive rate.
According to Thomas, the new ownership plans on completely gutting the interior of the 4340 Corporate Road building, similar to what the group just finished doing at 4995 Lacross Road and offering tenants a new and modern upfit along with new common areas and systems.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
