Today, Lee & Associates Charleston announced the sale of 56 State Street, a .22 acre parcel nestled in Historic Downtown Charleston, a block away from the City Market. Lee & Associates agents Reid Davis, Pete Harper, and Cameron Yost represented the seller East Bay Company, in the $4,750,000 transaction.
56 State Street is one of the few remaining developable hotel parcels on the South side of the Charleston peninsula. Scotchman Gas Station has operated there for many years and will now make way for a new development. Over the past few years, a handful of 4-star boutique hotels have popped up in property’s immediate vicinity including The Loutrel and The Spectator Hotel.
Reid Davis, Managing Principal at Lee & Associates Charleston, knows that pieces of land like this are exceedingly rare.
“This land sale represents an exceptional infill hotel development opportunity that simply doesn’t exist anywhere else in the Charleston region,” said Davis. “This property is located a block away from the City Market and at the heart of everything that matters in the Historic Charleston district.”
In bringing the deal to the finish line, Lee & Associates masterfully navigated several complexities including zoning, setbacks, and a multiple offer environment. Ultimately, the brokerage firm helped the seller come to terms with the most qualified buyer at the highest price. Ownership lauded the Lee & Associates team and their role in the sale process.
The property was acquired by 56 State SC Property, LLC