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| Cigar Factory Building, 701 East Bay Street, Charleston, SC |
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| Amanda Reeves |
CHARLESTON, S.C. (May 8, 2014) — Lee & Associates has
arranged the $24.2 acquisition of the 244,000-square-foot Cigar Factory
building, located at 701 E. Bay St. in Charleston, S.C.
The buyer plans to invest significant capital to transform
the five-story building into a mixed-use development that will include office,
event, retail and restaurant space. Completion is slated for the first quarter
of 2015.
Taylor Smith
and Austin Wilson of Lee & Associates’ Atlanta office, along with Amanda
Reeves of Lee & Associates’ Charleston office, represented the buyer,
which is a joint venture between Federal Capital Partners (FCP) and Roi-Tan
Investments LLC.
The latter consists of a group of prominent investors led by
William Cogswell of WECCO Development and Jay Weaver of Weaver
Capital Partners. TSO Cigar Factory, LLC, sold the property. Ken Grimes of
Patterson Real Estate Advisory Group raised equity for the transaction.
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| Taylor Smith |
“The sale and redevelopment of the iconic Cigar Factory
building show that investors are interested in spending significant capital in
Charleston because of the strength of the market,” Weaver said. “With ample
parking and close proximity to Interstate 26, the Cigar Factory building is
sure to enjoy tremendous success as a mixed-use development.”
FCP and Roi-Tan will contribute equity capital for the
redevelopment, and FCP will also provide mezzanine debt financing. The property
is eligible to receive federal and state historic-property tax credits, as well
as state tax credits for the rehabilitation of former textile mill sites. The
total redevelopment is expected to exceed $55 million.
The Cigar Factory building, located in Charleston’s Historic
District, was first constructed in 1882 as a cotton mill before it was sold to
American Tobacco Co. in the early 1900s. The company transformed it into a
cigar factory, which it remained until the 1970s. Currently, the building
includes office and commercial space.
For a complete copy of the company’s news release, please
contact:
Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)
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