Morton Needle Sells Charleston Office Portfolio

CHARLOTTE—A three-property office portfolio has changed hands. Morton Needle  sold the assets to Bridgeview Properties, LLC for $8 million.

R. Milton Thomas, III, CCIM, SIOR of Lee & Associates' Charleston office represented both the buyer and the seller. The three properties are located at 4275 Bridgeview Drive, 4355 Bridgeview Drive, and 4340 Corporate Road and span more than 112,100 square feet.

“This sale further shows the confidence in the overall Charleston market as being a solid economy to invest in,” Thomas tells GlobeSt.com. According to Thomas, the new ownership plans on completely gutting the interior of the 4340 Corporate Road building, similar to what the group just finished doing at 4995 Lacross Road. The rennovation will offer tenants a new and modern upfit along with new common areas and systems.

Built in the late 1980s, the office properties sit on 10.2 acres of land with 694 available parking spaces. Two tenants, Serco and NCO, currently occupy about 60% of the space. That leaves 47,000 square feet currently vacant.

“We viewed these assets as a great opportunity for our group to come in and add value to the assets for today's market,” Charlie Wendell of Bridgeview Properties, tells GlobeSt.com. “With the recent announcement of Boeing's further expansion in Charleston and the properties proximity to Boeing, we see a great opportunity to reposition and bring a large block of space to the market at a very competitive rate.”