The Charleston Area Regional Transportation Authority has sold 36 acres on Dorchester Road at West Montague Avenue to a private real estate firm.
The $6.5 million sale to Rushmark Properties LLC of Virginia closed late Tuesday afternoon, county property records show.
It was announced by the Mount Pleasant office of Avison Young, a commercial real estate firm that brokered the deal.
The CARTA board approved the sale of 4894 Dorchester Road last month. The Federal Transit Administration will receive $1.7 million of the proceeds.
CARTA bought the property in 2002 for $2.04 million.
The site was supposed to be developed into a mass-transit hub, including a an Amtrak train station and a bus depot. Work began in 2007 and substantial improvements were made to the site. The work was halted over concerns that it would impede freight rail traffic at CSX’s nearby Bennett Yard. A $25 million fix was deemed prohibitively expensive.
The new landowner is headquartered in Falls Church, Va., and has been operating in the Lowcountry for about 15 years. Locally, Rushmark built Aviation Business Park near Charleston International Airport in North Charleston, and it was part of group that renovated the historic Kress building near Wentworth and King streets in downtown Charleston.
A Rushmark official could not be immediately reached for comment about its plans for the property.