Fully Leased Investment Sale

Office for Sale
Catylist Listing ID: 30655740
Property Subtypes: Business Park, High-Tech, Institutional, Office Building, Other
Building Size (RSF): 32,388 SF
Gross Building Area: See Agent
Sale Price: $5,995,000
Unit Price: $185.10 PSF
Property Use Type: Investment, Business
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 7.1%
Last Updated: 11/23/2020

Overview / Comments

Great investment opportunity in the Class A Faber Office Park in North Charleston, SC. This investment includes the office building at 4230 Faber Place Drive and the associated transmission tower at 4075 Faber Place Drive. These properties are located conveniently off of I-526 and in close proximity to the Charleston International Airport.

The office building is 32,388sf and is occupied by two tenants. Cumulus Radio Corporation (Cumulus), formally Citadel Broadcasting Company, occupies 19,525 square feet along with a leased section of the transmission tower at 4075 Faber Place Drive. The building was originally constructed for Cumulus in 2001. Cumulus operates 5 local radio stations at this location. It should be noted that Cumulus broadcasts high-quality local programming through 424 owned-and-operated stations across 87 markets. C&S Retail Services (C&S) occupies the remaining space which is 17,259sf. C&S, based in Keene, N.H., is the largest privately-held wholesale grocery supply company in the U.S. and the industry leader in supply chain innovation.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 32 - N.Chas./Summerville outside I-526
Tax ID/APN: 41000000077
Zoning: M-1
Property Located Between: Off of Leads Avenue, Exit 19 from I-526
Property Visibility: Excellent
Highway Access: Less than 1 mile to I-526
Airports: Charleston International Airport
Site Description: 4230 Faber Place Drive consists of an approximate 3.55-acre parcel developed with a 32,388sf office building. 4075 Faber Place Drive is a 0.91-acre parcel developed with a transmission tower that broadcast the local radio stations located in the 4230 Faber Place Drive building.
Area Description: This site is located in the Executive Park of Faber Place and less than 5 miles from the Charleston International Airport, The Charleston Area Convention Center, Boeing and Tanger Outlets. North Charleston has a big economic drive including several large employers such as Boeing, Mercedes-Bens Vans, Trident Medical Center, NCO Financial Services, Charleston International Airport, multiple South Carolina Port Authority terminals, Tanger Outlets, and many more.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 32,388 SF
Year Built: 2001
Construction/Siding: Concrete
Parking Type: Surface
Parking Description: 150 individual standard parking spaces and 6 handicap spaces
Total Parking Spaces: 156
Sprinklers: Wet
Heat Type: Electricity
Zoning Description: M-1, Light Industrial in the City of North Charleston
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,353 65,162 150,230
Median Age: 37.04 35.82 35.13
Households: 2,178 27,183 62,208
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