CBRE Group, Inc. on Monday announced that it has arranged the sale of 1333 Main Street in Columbia, SC.
Patrick Gildea and Aaron Dupree of CBRE exclusively represented the seller in the transaction. The portfolio sold to Boston-based Albany Road Real Estate Partners.
1333 Main Street consists of a 203,307-square-foot multi-tenant office building, an adjoining surface parking lot, and a parking deck with 22,035 sq. ft. of street-level retail. Primely positioned adjacent to the thriving Vista entertainment district, 1333 Main Street is located in Columbia’s Central Business District, which is the dominant and strengthening office submarket. The CBD has witnessed an 18-month rental rate growth of nearly 16%.
“There have been very few Downtown Columbia office tower sales; however, this sale is evidence of pent-up demand from the investment community,” Gildea said. “As pricing in larger markets becomes increasingly competitive, capital is turning to smaller markets in search of opportunities.”
CBRE will be retained for the leasing and management of 1333 Main Street, which is currently 94%occupied. Anchor tenants at 1333 Main Street include PricewaterhouseCoopers, South Carolina Education Lottery, South Carolina Workers’ Compensation Commission and Dovetail Insurance.
California-based Vista Investments previously owned the building.