A California company now owns another downtown Charleston building.
An affiliate of Los Angeles-based brokerage firm Blatteis & Schnur Inc. paid $4.175 million for the three-story retail and office building at 231 King St. Attorney Scott E. Kegel of the Isle of Palms, whose office was on the third floor, said his wife and her siblings owned the building through an entity called 8888 LLC and that he managed it for many years on their behalf.
The California buyer specializes in the leasing and sale of high-profile retail properties. It recently bought the three-story building at 263 King, where retailer Michael Kors once operated on the ground floor, for $5.375 million.
Women's clothing retailer Lori+Lulu occupies the street-level space of 231 King. A studio for artist Janet Gregg is on the second level.
C. Kendrick and Joshua Schaap of investment firm Charleston Commercial brokered the deal for the buyer. The firm also is handling leasing for the third floor as an executive office with parking.
Over the past 18 months, Charleston Commercial has overseen the sale of 10 King Street properties, totaling $78.1 million. Most recently, they brought together eight properties and six property owners to create a landmark real estate deal bordered by King, Society and George streets.
Among the properties the real estate firm worked on were the former Dixie Furniture site at 529 King and the former Bob Ellis shoe store at 332 King.
“We have developed a true expertise in historic downtown Charleston, particularly on King Street where businesses and retailers are eager to set up shop,” Schaap said. “This vibrant retail and business district is incredibly attractive to buyers, yet we have a responsibility to maintain the beauty and history that makes Charleston so special.”
The firm said it takes a while to bring together deals involving historic properties.
"When you’re working in a historic area, you have to be sensitive to the architecture while balancing the interests of the buyer, the seller and the community as a whole," Kendrick said. "We’ve really established an understanding and expertise in this realm of commercial real estate.”
Debbie Stocker and Andrew Mastick of Shoreline International handled the deal for the seller.
And to boot
Prospective homebuyers in the Charleston region's suburbs can check out new offerings Saturday.
Houston-based David Weekley Homes will host a "Dusty Boots Tour" 3-5 p.m. at 511 Wodin Place in the developing Carnes Crossroads community in Goose Creek at U.S. Highways 17-A and 176.
Participants can partake of snacks and a chance to win a prize as they take a guided tour of homes under construction in two new brands: Paired Homes and Cottages.
Priced from the $225,000s, Paired Homes offers five one- and two-story floor plans ranging from 1,500 to 2,100 square feet of living space. They include a private yard and options for a screened back porch and two-car garage. Paired Homes also come with no additional regime or HOA fees normally associated with attached products.
The Cottages offering features two floor plans situated on 40-foot homesites and priced from the $275,000s. These one- and two-story homes have 1,800 to 2,250 square feet and craftsman-style exteriors.
This story has been updated to reflect the previous owners of the building at 231 King St.