Not long after closing a major deal on King Street involving multiple properties and more than $20 million, local investment firm Charleston Commercial has brokered yet another deal on Charleston’s historic King Street. In July, C. Kendrick and managing director Joshua Schaap facilitated the sale of 231 King St. for $4.15 million.
The buyer is Blatteis & Schnur Inc., a Los Angeles-based national real estate brokerage organization specializing in the leasing and sale of high-profile retail properties. Charleston Commercial is handling the leasing of the entire third floor as an executive office with parking.
The building is home to women’s clothing retailer Lori+Lulu, which will continue to occupy the first floor. The second floor is occupied by local businesses, including a law office and studio for artist Janet Gregg.
Over the last 18 months, Charleston Commercial has overseen the sale of 10 King Street properties, totaling $78.1 million. Most recently, they brought together eight properties and six property owners to create a landmark real estate deal bordered by King, Society and George streets.
The team also worked on 529 King St. (formerly Dixie Furniture) as well as 332 King St (formerly Bob Ellis). The company’s experience with complex zoning issues, utilities and historic properties makes it uniquely positioned to facilitate commercial real estate sales, acquisitions and developments in Charleston’s historic district.
“We have developed a true expertise in historic downtown Charleston, particularly on King Street where businesses and retailers are eager to set up shop,” Schaap said. “This vibrant retail and business district is incredibly attractive to buyers, yet we have a responsibility to maintain the beauty and history that makes Charleston so special. We are able to walk that delicate line, so the buyer is happy and historic properties are preserved.”
Kendrick added, “We spend a great deal of time orchestrating these deals. When you’re working in a historic area, you have to be sensitive to the architecture while balancing the interests of the buyer, the seller and the community as a whole. We’ve really established an understanding and expertise in this realm of commercial real estate.”