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Colliers brokers $2.1M sale of Assembly Street office building

Real Estate - Residential
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City Center Development LLC has bought a 16,000-square-foot office building at the corner of Assembly and Lady streets for $2.1 million, Colliers International announced today.

The building, which formerly housed the offices of McCrory Construction, is located on the ground level of the Lady Street parking garage, which is operated by the City of Columbia.

McCrory moved its offices last year to 522 Lady St. in the Congaree Vista neighborhood.

Developer Don Tomlin has proposed building high-rise apartments atop as many as six city garages with the first project slated for the Lady Street garage, which is a half-block from the Statehouse, according to earlier reports.

In June, Columbia City Council approved an air-rights agreement that gave developer Don Tomlin’s company, Hallmark Homes, exclusive rights to build vertically atop the garages for the next 10 years. And in August, City Council approved a lease agreement to provide parking spots for the apartment’s tenants.

The apartment project was not mentioned in the release. Tomlin was unavailable for comment.

The sale “is indicative of the active investment taking place in downtown Columbia,” Colliers said in a press release.

According to the latest Colliers office market report for Columbia, the activity of the past few quarters leaves the vacancy rate in the Central Business District at 10.1% at the end of the first quarter of 2016. Sales activity is increasing as a result of the lower vacancy in the market.

Colliers’ vice president Henry Roe and brokerage associate Allen Wilkerson represented the seller, who was not identified in the release. Online records of the Richland County Assessor’s office show the property’s previous owner was John C.B. Smith Jr., an attorney and owner of John C.B. Smith Real Estate.

Reach Chuck Crumbo at 803-726-7542.

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