The new owner paid Ziff Properties of Charleston $6.8 million for the 75,000-sf office property. Rivergate II is visible from Interstates 26 and 526 and is minutes from the airport, according to George Ackerman, principal of Benbrooke. Ackerman tells GlobeSt.com that the deal carried an 8.5% cap rate; however, the property is not fully occupied. "The occupancy is in the high 70% range in a market that is used to 90% so we think this has a tangible upside," he explains.

Benbrooke officials say they will implement an asset management plan which will include selective renovations and an "aggressive leasing effort." Frank Norvell and Drayton Calmes, of locally based Norvell Group, will lead that effort. Ackerman will lead the redevelopment efforts. "[Rivergate II] offers significant potential upside through lease-up of the vacant space and is in keeping with Benbrooke's core focus of acquiring value-added properties," Michael Oestreich, Benbrooke principal, says in a statement.

Benbrooke principal Rich Lubkin structured the equity and acquisition financing for this transaction. Rick Lechtman of the Ackman-Ziff Real Estate Group secured the debt financing, which was placed with an affiliate of Wachovia Securities.