Albany Road Real Estate Partners has purchased 1333 Main St., a property located in Columbia’s Central Business District consisting of a 203,307-square-foot multi-tenant office building, an adjoining surface parking lot and a parking deck with 22,035 square feet of street-level retail.
The office building is currently 94% occupied. Anchor tenants include PricewaterhouseCoopers, South Carolina Education Lottery, South Carolina Workers’ Compensation Commission and Dovetail Insurance.
CBRE Group, Inc. brokered the sale and will be retained for the leasing and management of the portfolio.
Albany Road, a real estate investment company based in Boston, was established in July 2012. The firm has branched out from its New England roots to make investments in Atlanta, Raleigh and Nashville.
“We are very excited about the acquisition of 1333 Main St.,” said Scott Cloud, managing director of Albany Road’s Southeast operations. “The building offers tenants high-quality office space and parking in a strategic CBD location with limited supply. The investment fits our acquisition criteria perfectly with a combination of investment-grade tenancy and strong historical performance in a Columbia market that we see well-positioned for growth.”
Albany Road is evaluating any renovations to the building, Cloud said.
Patrick Gildea and Aaron Dupree represented the seller in the transaction.
“There have been very few downtown Columbia office tower sales; however, this sale is evidence of pent-up demand from the investment community,” Gildea said in a release. “As pricing in larger markets becomes increasingly competitive, capital is turning to smaller markets in search of opportunities.”
The portfolio sold on July 8.