587 King St

Charleston 29403

 

587 King St

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585 King Street is also included in this listing. CALL FOR OFFERS. OFFERS DUE AUGUST 22, 2022 by 5pm. PLEASE DO NOT SPEAK TO OR APPROACH TENANTS For complete property/financial/lease information, please see the Confidentiality & Buyer Registration Agreement-- only valid with buyer's signature. The two properties will only be sold together as a package. 585 King Street TMS#: 460-08-04-065 587 King Street TMS#: 460-08-04-057 585 King originally built circa 1915 and 587 King originally built circa 1910---both buildings completely gutted and reconstructed in 2017/18. Two single tenant NNN leased restaurant properties in Charleston's hottest dining and entertainment corridor. 585 King Street is approximately 4,235 rentable square feet (including rooftop outdoor space). 587 King Street is approximately 9,343 rentable square feet (including rooftop outdoor space). 6 years remain on 585 King Street lease, 10 years remain on the 587 King Street lease. Both leases have 3% annual increases, as well as two 5-year renewal options that bump to the greater of market rent or current rent plus a 3% increase. Renewal term rent increases by 3% annually. These two buildings are two of only FOUR restaurant spaces with rooftop area, and two of only 12 in the downtown historic area. This information has been secured from sources Colony Commercial, LLC believes to be reliable, but Colony Commercial, LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lease terms, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. A principal in Colony Commercial, LLC holds an ownership interest in 585 and 587 King Street.

Specifications

  • Address:587 King St
  • City, Zip:Charleston 29403
  • MLS #:30810817
  • Price:$12,499,580
  • CategoryCommercial Sale
  • TypeRetail-Commercial
  • Sub-TypeRestaurant
  • StatusPending/Contingent
  • TitleCALL FOR OFFERS - DUE 8/22/2022 - UPPER KING STREET PORTFOLIO SALE
  • Property SubtypeRestaurant
  • Use TypeNet Leased Investment (NNN),Investment

 

 


LISTED BY Colony Commercial LLC
843-628-5140