A pair of investors from Charleston and Baltimore have scooped up five King Street properties for $15 million. Alex Westra with Lakeland Capital, which has offices in downtown Charleston, Massachusetts and Washington, D.C., and Jon Pannoni of New Vintage. Capital purchased 364 King and a strip of structures at 363-369 King on the opposite side of the city’s main retail corridor.
The two- and three-story buildings house 36 upstairs rental units and 12,000 square feet of street-level commercial space. Most of the retail space is vacant, except for burger-chain Five Guys in part of 364 King and a forthcoming women’s clothing store called DFTI, short for Dress for the Image. It plans to open by the fall at 367 King. Westra said the pair acquired the properties for investment purposes, with plans to upgrade facades and replace non-historic elements on the storefront at 369 King with materials that fit better with the city. They also hope renovations will attract local and national retail tenants to the vacancies between Calhoun and George streets, south of Marion Square and near the College of Charleston.”We are in discussions with a number of (prospective) tenants;’ Westra said. The investors bought the building through Middle King Partners LLC, which lists Pannoni as the CEO, according to Charleston County land records.
Pannoni is president of Landmark Partners, which is developing the 19-unit City House condominiums between Church and State streets south of the City Market and is not involved in the King Street acquistions, according to a spokesman.
The buildings last changed hands in 2016 when a consortium that included Michigan-based Beztak Cos. and Washington, D.C.-based Friedman Capital bought them for $15.85 million. They had planned to construct a six-story multifamily building behind 363-369 King, but that isn’t part of the new ownership’s plans. Commercial real estate firm CBRE is handling retail leases for the new owners.
On the waterfront
A Colorado-based developer of several projects in the Lowcountry plans to launch a new residential phase of a Daniel Island project. East West Partners will market 47 residences, including condominiums, townhomes and marsh cottages, in the third phase of the mixed-use Waterfront along the Wando River. Some of the two- to four-story buildings will have views of the Wando. Pricing has not been announced. East West recently sold all 41 one- to three-bedroom condos in Waterfront’s second phase at prices ranging from the mid-$600,ooos to $3.6 million, according to a spokeswoman.