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Financing Arranged for Piggly Wiggly HQ in South Carolina
Thorofare Capital provided a joint venture led by Insite Properties with $16.28 million in first mortgage debt for the acquisition, renovation and stabilization of an 84,468-square-foot office complex in Charleston, SC. The financing is secured by Albemarle Point Center, and features a 73,356-square-foot, four-story office building, which has served as the corporate HQ for Piggly Wiggly since 1999.
The 100%-leased Class A property located at 176 Croghan Spur, which was acquired from Chicago-based J.L. Woode, Ltd. for $21.5 million, also includes an 11,000-square-foot single-story flex building. A portion of the loan proceeds will be used to re-tenant approximately 30,000 square feet of office space that comes available when Piggly Wiggly vacates.
Thorofare’s Elliott Young originated the financing. Bethesda-based Phillips Realty arranged the financing on behalf of Insite Properties and its joint venture partner Eastern Federal Corporation.
For comments, questions or concerns, please contact Dennis Kaiser
Photo Courtesy Insite Properties
- ◦Financing
- ◦Sale/Acquisition
