{"id":1004189469,"date":"2017-09-05T11:10:16","date_gmt":"2017-09-05T19:10:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189469"},"modified":"2022-12-08T21:54:50","modified_gmt":"2022-12-09T05:54:50","slug":"thorofare-capital-funds-sc-office-building-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/thorofare-capital-funds-sc-office-building-acquisition\/","title":{"rendered":"Thorofare Capital Funds SC Office Building Acquisition"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004189471\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004189471\" data-attachment-id=\"1004189471\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/thorofare-capital-funds-sc-office-building-acquisition\/176-croghan-spur-charleston-s-c\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Albemarle Point Center, Charleston, S.C.\" data-image-description=\"&lt;p&gt;Albemarle Point Center, Charleston, S.C.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Albemarle Point Center, Charleston, S.C.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png?w=800\" loading=\"lazy\" class=\"wp-image-1004189471 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png\" alt=\"Albemarle Point Center, Charleston, S.C.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/176-Croghan-Spur-Charleston-S.C..png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004189471\" class=\"wp-caption-text\">Albemarle Point Center, Charleston, S.C.<\/p><\/div>\n<p>Thorofare Capital, which recently originated a three-year loan for the purchase of a <a href=\"https:\/\/www.commercialsearch.com\/news\/center-core-buys-office-campus-near-chicago\/\">corporate office campus in Illinois<\/a>, also partially financed the acquisition of an 84,468-square-foot property in Charleston, S.C. The buyer, a joint venture between Insite Property and Eastern Federal Corp., nabbed the asset from Chicago-based J.L. Woode Ltd. in exchange for\u00a0$21.5 million. The money left after closing the transaction will be used for renovating and stabilizing the property, which is completely leased.<\/p>\n<p>The five-year loan will feature interest-only floating rates during\u00a0the first three years of the term. Phillips Realty closed on the loan on behalf of the borrowing party.<\/p>\n<h2>Back-to-market preparations<\/h2>\n<p>Albemarle Point Center\u00a0consists of a 73,356-square-foot, four-story office building and an 11,000-square-foot, single-story flex building which were completed in 1999. Located at 176 Croghan Spur, the property hosts the operations of several companies including Wells Fargo, AFG, Howard Bruce and, up until recently, Piggly Wiggly. Once the grocery store chain vacates the 30,000 square feet of space it used to occupy, the new owner will start updating the exterior of the building as well as the common areas.<\/p>\n<p>The location is easily accessible from Savannah Highway and James Island Expressway via Fielding Connector. The Ashley River, which is also very close to the property, spurred the presence of several hotels and dining options in the area. \u00a0<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture between Insite Property and Eastern Federal Corp. will use the $16.3 million loan for the acquisition, renovation and stabilization of Albemarle Point Center in Charleston, S.C.<\/p>\n","protected":false},"author":1064,"featured_media":1004189471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,21747],"tags":[37454,35199],"class_list":["post-1004189469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-office","tag-phillips-realty-capital","tag-thorofare-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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