Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of North Rhett Executive Center, a 64,800-square-foot, Class A office/flex building located in North Charleston, South Carolina. The asset sold at a capitalization rate of 6.70 percent, bringing the sale price to $16,900,000 or $260.80 per square foot.
“With our national reach and access to the largest pool of 1031 exchange buyers, we were able to build competition between investors,” says Ani Paulson, senior associate and lead agent on the deal. “This enabled us to achieve aggressive pricing and favorable terms for the seller.”
Paulson and Pearce Vogler, both of the firm’s Charleston office, had the exclusive listing to market the property on behalf of the seller. The team also secured the out-of-state buyer.
North Rhett Executive Center is located at 5617 N Rhett Avenue in North Charleston, South Carolina. Built in 2008, the building contains eight suites and sits on 5.02 acres of land. The property is primarily occupied by Department of Defense tenants and is positioned near Joint Base Charleston and Charleston International Airport.