Friday, March 15, 2013

King Street retail property changes hands

270 King St. sells for $3.25M

Posted by Susan Cohen on Fri, Mar 15, 2013 at 1:55 PM

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Parallel Capital, LLC, a national real estate finance and investment firm with an office in Charlotte, has purchased the first floor retail condo at 270 King St. from Savannah Capital LLC. The 8,500-square-foot property, which is currently occupied by Rangoni Shoes, went for $3.25 million.

Built in the 1870s, the “Mason” building used to serve as a temple for the Ancient Freemasons of South Carolina. According to a 2007 Post and Courier story, Savannah Capital bought the three-story building for $5.5 million that year. The company then immediately sold the top two floors to a group of investors and realtors, including EastRock Properties, LLC (who also own the One Cool Blow and New Market developments). Renovation on the upper stories began in 2008, with the hopes of having 19 residential units available for purchase. But — well, we all know what happened to the real estate market in 2008.

King Street Marketing Group owner Susan Lucas says that Rangoni is happy in the space and has no plans to move at the moment.

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