New York, New York, November 15, 2018 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of Ashley Overlook, a multi-tenant office building in Charleston, South Carolina. Located at 4390 Belle Oaks Drive, the 104,610-square-foot building serves as the corporate headquarters for Select Health of South Carolina.
Stan Johnson Company’s David Bailey, along with Erik Carlson of First Guardian Group / SVN, represented the seller, a group of individual investors managed from San Jose, California.
“This was an attractive value-add opportunity for a buyer specifically seeking office investments in the North Charleston market,” said Bailey, Associate Director in Stan Johnson Company’s New York office. “Through the combined efforts of Stan Johnson Company and FGG/SVN, an extensive bid process resulted in an unprecedented cap rate for the seller.”
The property was 81 percent leased when it sold to New York-based LRC Properties, LLC in late October for an undisclosed price.
“The keys to success on this transaction were the property’s proximity to the Charleston Airport, the positive influence of Fortune 50 companies like Boeing on the local market, and a rigorous marketing campaign,” Bailey added.