NAI Charleston Facilitates Sale of the S.H. Kress & Co. Building for $19.5 Million
CHARLESTON, SC (April 29, 2019) NAI Charleston is pleased to announce that Brokers/Partners David Ingle, Dexter Rumsey and Thomas Boulware, CCIM brokered the sale of the former S.H. Kress & Co. building at 281 King Street. The 45,000-square-foot property was purchased for $19.5 million by Stockbridge Capital Group.
“It was a privilege to help Stockbridge Capital Group identify and acquire this historic property for its Charleston portfolio,” said Ingle. “My partners’ relationship with the seller, combined with our understanding of Stockbridge’s desired assets in this market, enabled the facilitation of a beneficial transaction for all involved.”
The three-story Art Deco building was constructed in 1931 for the S.H. Kress & Co. department store chain. The “five-and-dime” retailer operated numerous stores across the country from the late 1800s through the late 1900s. S.H. Kress & Co. shuttered its doors at 281 King Street in 1992. The property underwent a complete renovation in 2000.
281 King Street is currently anchored by global fashion retailer H&M, which occupies ±20,000 square feet. The second and third floors of the building are occupied by the Moore & Van Allen law firm.
For more information, contact David Ingle at +1 (843) 224 0663 or email@example.com.
About NAI Charleston
NAI Charleston is a full-service commercial real estate brokerage and management firm with industry experts who have more than a century of combined experience in the Charleston commercial real estate market. In 2017, local brokers Thomas Boulware, Dexter Rumsey, David Ingle and David Grubbs partnered together to establish NAI Charleston as an independent franchise of NAI Global. NAI Global is a leading owner-operated commercial real estate network, with more than 400 offices and 7,000 market professionals in North America, Latin America, Europe, Africa and Asia Pacific.
Learn more at naicharleston.com.
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Alysha Duff, Director of Marketing and Public Relations