$3,600,000
$3,999,950
10.0%For more information regarding the value of a property, please contact us for a free consultation.
94,960 SqFt
SOLD DATE : 05/21/2020
Key Details
Sold Price $3,600,000
Property Type Commercial
Sub Type Industrial
Listing Status Sold
Purchase Type For Sale
Square Footage 94,960 sqft
Price per Sqft $37
MLS Listing ID 30484802
Sold Date 05/21/20
Year Built 1970
Lot Size 2.180 Acres
Acres 2.18
Property Description
A fully occupied investment property with four years remaining on the initial term of a lease. Leased to Morsco Supply, a subsidiary of Reece, an Australian Company. Morsco was recently purchased for $1.44 Billion in cash by Reece. Morsco has a lease until August 31, 2023. The lease has 3% annual escalations. Morsco Supply purchased the former occupant and now the owners have decided to sell this property. The property is a 51,484 square foot property consisting of offices, showroom, conference room and warehouse space. The property has 2.18 acres and is located in the Spruill Avenue section of North Charleston very close to Park Circle. The tenant has two, five year options that also include 3% escalations. This is a solid opportunity for a 1031 exchange and a long term hold even for adaptive reuse potential options in the future.
Location
State SC
County Charleston
Zoning City of North Charleston - M-1 - Light Industrial District
Exterior
Parking Features Structure
Garage Spaces 10.0
Building
Sewer Public Sewer
Water Public
Others
Acceptable Financing Cash
Listing Terms Cash
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Bought with LeGrand Elebash • Handsome Properties, Inc.