For years, local and national retailers have chosen King Street in downtown Charleston as a popular place to set up shop.
Now, outside real estate investors are diving in as well.
Two commercial buildings on one of the Top 10 shopping thoroughfares in the nation recently changed hands, fetching millions of dollars each.
On Aug. 26, the structure at 292 King St. that formerly housed Stella Nova Spa Salon changed hands for nearly $2.3 million, a record for the area based on the per-square-foot sale price of $1,221, according to CC&T Real Estate Services.
A week earlier, 359 King St., where Williams-Sonoma sells upscale home goods, was sold for $6.275 million, according to county property records.
An affiliate of Jenel Management Corp., a New York-based property-management firm with other holdings nearby, is the new owner of 292 King.
“This property hit the market July 18 and closed in only 39 days,” said David Smythe, broker in charge for CC&T. “It is clear that the Charleston real estate market continues to climb.”
The corner building’s vacant ground-floor space includes 25 feet of glass frontage on King and 77 feet on Society Street. A new tenant has not been announced.
The buyer owns two retail-anchored properties across the street: 269 and 289 King, where The Gap and Bebe are located, respectively. Jenel also recently bought 285 King, which until earlier this year had been the site of the University of South Carolina’s Carolina on King retail store.
Up the street, an affiliate of Burroughs & Chapin Co., a big real estate firm from Myrtle Beach, paid about $448 a square foot for 359 King.
In addition to Williams-Sonoma, the three-story, 14,000-square-foot building between George and Calhoun streets is home to a law firm on the second floor and Clemson University on the top.
“We see Charleston as one of the top cities in the country,” said Steve Warner, senior vice president of capital strategies and investments for Burroughs & Chapin. “It’s a strong, attractive market and we want to be an active participant in it. Our acquisition on King Street fits our company’s interest in owning properties that provide people with a memorable shopping and social experience in a setting differentiated by a compelling sense of place.”
Built in 1891, the building was extensively renovated in 2013.
“Burroughs & Chapin is continuing to build a best-in-class retail portfolio that will create long-term value for our shareholders,” Warner said.
The seller was a firm registered to Mount Pleasant real estate developer Anthony McAlister.
Reach Warren L. Wise at 843-937-5524.