Two Charlotte investors have snapped up a pair of West Ashley commercial buildings for $21.5 million and plan to upgrade the neighboring properties.
Insite Properties announced the acquisition of the 74,000-square-foot Albemarle Point Center at 176 Croghan Spur Road and an adjacent 11,000-square-foot flex-space property at 238 Albemarle Road.
The buildings sold for $19.5 million and $2 million, respectively, according to county land records.
The sellers were companies affiliated with J.L. Woode Ltd., a real estate investment firm with offices in Charleston and Chicago.
Insite said the new ownership group includes Eastern Federal Corp., which built and operated movie theaters in Mount Pleasant and Summerville before exiting that business in 2005.
The North Carolina buyers said they will embark on "a detailed capital improvement plan to renovate and update the building exterior and internal commons areas."
The properties are just across the Ashley River from the Charleston peninsula, near Porter Gaud School.
The smaller of the two dates back to the mid-1960s.
The larger Albemarle Point Center was built in 1999 by affiliates of Piggly Wiggly Carolina Co. Inc. as the corporate office for the grocery chain. They sold the building for $18.75 million in 2005 to the J.L. Woode group.