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CHARLESTON, SC-The Atlanta-based Simpson Organization Inc. has acquired the 230,012-sf Cigar Factory at 701 East Bay St. with plans to convert the historic building into condominiums. The acquisition price was not revealed, but real estate sources say it was approximately $20 million.

New York City-based Broad Street Advisors LLC was the exclusive advisor to the seller, IGL Two LLC, an entity affiliated with Jupiter Realty Corp. Broad Street executive vice president and partner Robert Rizzi handled the transaction.

Built in 1881 as a cotton mill, the Cigar Factory is located in the city’s historic Upper East Side near the foot of the recently completed Cooper River Bridge. The structure, one of the city’s most recognized landmarks, is listed on the National Register of Historic Places. The property had been used as an office building for the last 25 years. Details of the conversion plans have not yet been finalized.

Rizzi tells GlobeSt.com that the property is currently about 30% occupied, but most leases are month-to-month. “The property has features that lend itself to an urban living space,” Rizzi says. “From an economic standpoint, it makes more sense as a residential property than office.”

Rizzi adds that Broad Street sent out 150 packages for the site to investors across the country. “Charleston is very high on the radar for investors. It has charm, history, culture and a strong population growth,” he says. “It’s one of the top secondary markets on the East Coast.”

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