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Benbrooke Takes Second Area Asset

CHARLESTON, SC-Rivergate II is a 75,000-sf office property with occupancy in the high 70% range. The market usually boasts a 90% occupancy rate.

By Melissa Kress | Updated on November 30, 2006

CHARLESTON, SC-An affiliate of Benbrooke Realty Investment Co. has added Rivergate II to its holdings. It is the second acquisition in the area for Benbrooke this year.

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.

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