JLAM Acquires 201 Sigma Drive near Charleston, SC
Jack Lingo Asset Management (“JLAM”) is pleased to announce it has acquired 201 Sigma Drive, a trophy Class A+ multi-tenant office building located in the high growth Summerville submarket of Charleston, South Carolina. 201 Sigma Drive is 95% occupied and boasts numerous high-quality tenants with significant remaining lease term. In addition, the property offers unmatched walkable amenities including numerous dining/entertainment options and active recreation opportunities.
Doug Motley, Principal of JLAM, noted “201 Sigma Drive presented the opportunity to acquire the premier office asset in a very dynamic and rapidly growing submarket. Not only is this a great building, but it is surrounded by amenities typically found in more urban destinations. We see tremendous value in the rare combination of long-term stability and growth potential offered by this investment.”
The 98,000 square foot building was constructed in 2014, is LEED Gold certified, and features modern common areas and floor to ceiling glass lines. With ample parking and excellent visibility from, and easy access to, I-26, the property is well positioned to benefit from the explosive growth of the Summerville/Nexton market. The property is part of the overall Nexton mixed-use development community which encompasses 4,500 acres and consists of 10,000 planned residential units and six million square feet of commercial space.
JLAM would like to thank Huston Green and Chris Lingerfelt of JLL Capital Markets who represented the seller, and Matt Casey and Van Glosson of JLL for arranging the acquisition financing through Credit Union Business Services.
JLAM has engaged the Charleston office of Cushman & Wakefield | Thalhimer to provide leasing and property management services for the property.
This closing marks the first acquisition in JLAM’s strategy of building a portfolio of premier office assets in select high growth markets in the southeast and mid-Atlantic regions.
JLAM is a dynamic real estate firm that specializes in identifying, developing, and investing in properties where the end-user is proud to live or work. Our focus is on differentiated real estate within three core strategies: residential land development, multi-family, and multi-tenant office. The firm targets premier properties in select high growth markets in the southeast and mid-Atlantic U.S. As a direct investor and operator, JLAM is well-positioned to capitalize on favorable thematic factors, market dislocations, and contrarian investment opportunities. For more information, please visit www.jlamre.com