Cash-flush Jupiter Holdings remains bullish on upper King
Jupiter Holdings continue to target upper King Street as it reinvests more proceeds from the recent $75 million sale of most of its self-storage empire.
The Charleston-based investment company’s newest holding is the two-story building at 525 King St., Carolina Commercial Real Estate brokers Buddy Bebergal and Kit Regnery announced late last week.
The sale price was not immediately available. The seller was developer Alan St. Clair’s Lead Dog LLC.
The former Maine Cottage space property is now home to the recently opened Magnifilous Toy Emporium on the ground floor.
“We bought the building because we believe in King Street,” said Fred Whittle, chief operating officer for Jupiter Holdings. “We like King Street and the northern migration of quality businesses, and we are putting our money where we believe is the best opportunity.”
In August, Jupiter-owned Stockade Storage of Charleston LLC paid more than $4 million for the side-by-side buildings that house O-Ku restaurant and A.C.’s Bar and Grill at 463-467 King. It’s also pursuing plans for a hotel at 600 Meeting St., next to the Ravenel Bridge on-ramp on the peninsula side of the span.
The company is owned by the Buck family. Holdings include Blue Water convenience stores, some Sonic drive-in restaurants and car washes.
Pouring it on
The world’s largest wind turbine test rig, under construction at the Clemson University Restoration Institute campus in North Charleston, is scheduled to get its foundation Friday night. Beginning around 11 p.m. and going through the night, trucks carrying more than 200 loads of concrete will roll onto the former Navy base and pour the base of what will become a 15-megawatt test rig, according to spokesman Peter Hull.
The facility is expected to be finished and operating later this year.
Rest and relaxation
Vacant vacation homes on Folly Beach were a little less empty this holiday season.
Thanks to a collaboration among vacation rental company Avocet Properties on Folly Beach, nonprofit organization Operation R&R and property owners, about a dozen military families got to spend up to a week on the Edge of America in donated properties over the holidays.
Operation R&R helps active-duty service members who have recently returned from worldwide deployment reconnect with their families in a vacation setting.
“I just returned from a four-and-a-half month deployment and have another in June,” said Maj. James Chastain, who is stationed at Shaw Air Force Base in Sumter. “Being able to have a ‘staycation’ like this really helps to bring the family back together.”
Avocet officials say it’s a small token of appreciation for the nation’s service members around the globe. “We are honored that our homeowners are graciously donating their homes to such a great cause,” said Dee Bruggeman, director of property management at Avocet.
The firm estimates that nearly 100 vacations will be donated to military families in the Charleston area through Operation R&R from September until this coming May.