A real estate deal valued at about $24.5 million was finalized this week, changing the ownership of a large downtown parking lot and two historic King Street buildings in the heart of the city's shopping district.
The sales, which closed July 1, were in the works for more than a year and a half through the real estate firm Charleston Commercial.
In a statement, C. Kendrick, who led the venture along with Josh Schaap, called the deal "one of the most significant" in downtown Charleston because of the multiple properties involved and the historic nature of some of the buildings that have changed hands.
In all, the sale combined eight properties and six sellers.
The deal includes two historic structures on King Street with first-floor retail spaces and residences above. At 316 King St., the cosmetics retailer Lush occupies the first level, and the ground level of 306 King is the Mediterranean restaurant Taziki's.
A one-story building on Society Street was also included. The brick structure is where Charleston's Threshold Repertory Theatre operates. It also houses the Asian restaurant Chopsticks House and a currently vacant retail space.
All three of those buildings back up to the largest part of the purchase: a 151-space parking lot accessed from George Street.
The need for parking for other projects was what prompted the multi-million-dollar deal in the first place, Schaap said.
The parcel where the now-closed King St. women's clothing store Anne's stands was also subdivided so that a portion of the real estate behind the building could be included in the purchase.
Over the next year, the buyers will look for an operating partner to develop the property, Schaap said.
The same team behind this week's sale brokered the deals for the nearby Bob Ellis Shoes building at King and George streets and the former Dixie Furniture store farther up King Street.
The Dixie Furniture property changed hands in May 2017 for $6.75 million. The Bob Ellis building, 529 King St., sold for $9.5 million several months later.
This week's purchases were made through GS Acquisitions LLC, of which Schaap and Kendrick are both members. Schaap said the deal shares a couple common investors with the Bob Ellis and Dixie Furniture ownership groups.
Both of the formerly family-owned retail spots are poised for redevelopment. A city zoning board already approved plans for a boutique hotel at the Bob Ellis site. Plans include 22 guest rooms, a couple of residential units, four retail storefronts and a cafe.
The Dixie Furniture building has also been approved for a hotel use. The boutique property is set to have 50 guest rooms and two ground floor retail spaces.