CHEVY CHASE, MD—Locally-based Federal CapitalPartners has been steadily expanding beyond its WashingtonDC-based home into other points along the East Coast. Its latestforay has brought it to Charleston, SC where itacquired, along with joint venture partner Roi-TanInvestments, LLC, the city's historic CigarFactory for $55 million. The duo plan torenovate the 244,000-square foot building, which is located on theCooper River waterfront, into a mixed-use development.

The envisioned property will include creative work/office space,restaurants and event space and high-end retail. The building'sVictorian-era commercial architecture will be restored as well.

The companies plan to start the redevelopment immediately anddeliver the base building for first quarter 2015.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.