Large Charleston office building lands tenant; more apartments coming to the area | Real Estate

A Daniel Island office building that once housed a software developer and is now under renovation has landed its first major tenant.

Total Quality Logistics recently leased 40,589 square feet in Marshside, the new name of the four-story structure that software developer Blackbaud Inc. leased as its headquarters before moving into a new campus nearby, according to property owner Holder Properties of Atlanta.

The Cincinnati-based freight transportation company is expected to occupy the site after the projected completion of a renovation in August.

“The size of this deal is extremely impressive for Charleston’s class-A office market and is a testament to our business plan for Marshside,” said Billy Cooke, principal and head of leasing at Holder. “When renovations are complete later this summer, Marshside will provide an office product that helps employers recruit employees and foster collaboration and innovation.”

TQL employs more than 10,000 workers nationwide, with more than 200 in Charleston. The company plans to continue to invest in the Lowcountry by hiring more, Cooke said.

The logistics firm is the second tenant in the 200,000-square-foot building, which is in the city of Charleston. Crowley, a global maritime, energy and logistics company, leased 2,500 square feet earlier this year.

The structure is part of a new development called Nowell Creek Village, where The Charleston Battery‘s former soccer field and stadium once stood. The waterfront community will feature upscale apartments, high-end homes, shops, nature trails and a park.

Holder bought the Berkeley County office building from Blackbaud founder and former Battery owner Tony Bakker for $35.5 million in 2019. Marshside will offer onsite property management, concierge desk, conference facilities, a fully equipped fitness center, locker rooms, bike storage, and a grab-and-go market with daily fresh foods and coffee. It has large floorplates that can be customized to a tenant’s needs.

Ed Kercher with the commercial real estate firm Cushman & Wakefield represented TQL, and Holder represented itself in the transaction.

More multifamily

A Missouri-based real estate investment firm recently bought a vacant North Charleston parcel and plans to build apartments on the site.

Privately held JES Holdings LLC paid $850,000 for the 4.5-acre wooded parcel at 0 St. Ives St., off Greenridge Road and Rivers Avenue, according to Andy Batkins with the commercial real estate firm Woodlock Capital, which handled the sale for the buyer and the seller.

The property was previously owned by DialAmerica Marketing Inc., which bought the wooded site in 1997 for $470,250, according to Charleston County land records.

Call center DialAmerica occupies a site next to Miller-Motte College in Rivers Park Business Center adjacent to the purchased tract.

Batkins said JES plans to build affordable rentals on the site, which is between Ivy Ridge Apartments and Arium St. Ives Apartments.

A JES representative did not respond for comment on the number of units planned for the site or when construction will begin. The company also owns Radcliffe Manor, a 63-unit, three-story apartment complex at 200 Coming St. in downtown Charleston.

Changing hands

A 21-unit manufactured home community in Summerville is now under new ownership.

Town Development LLC of Mount Pleasant recently paid $1.73 million for the 1.76-acre Magnolia Homes Mobile Home Park at 109 E. 8th St., according to the commercial real estate firm Marcus & Millichap, which handled the sale.

The previous owner was Reed & Associates of Charleston Inc. of Mount Pleasant, according to Dorchester County land records.

The fully occupied property includes 20 park-owned mobile homes and one single-family rental residence. The property features paved off-street parking, central heating and air, and laundry systems in each unit. Tenants are responsible for electricity, while ownership pays for water.