CBRE Arranges $12.6M Sale of 30,677-SF Medical Office Building in Charleston

14 Dec 2021

Wesley Drive 436

CBRE has arranged the sale of a 30,677-square-foot medical office building at 615 Wesley Drive in Charleston, S.C. JEMO - Wesley, LLC purchased the property from 615 Wesley Drive, LLC for $12.6 million.

CBRE’s Charles Carmody and Ryan Carmody represented the seller in the transaction.

“While office product was an unpopular asset class for banks and investors in 2020 due to the uncertainty caused by COVID-19, going into 2021 investor interest has picked up, especially with the latest cap rate compression seen in other asset classes,” said CBRE’s Charles Carmody. “Investment sales in Charleston soared in Q3 and Q4 2021 with over $90 million worth of office assets being traded, bringing the total amount of sales this year to $136 million.”

Built in 2002, the three-story property is located across the Ashley River from the peninsula city at the intersection of Highway 17, Highway 61 and Wesley Drive.  The site provides on-site, free parking and convenient access to downtown Charleston and the West Ashley area.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.