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Developers seek opportunity in Charleston commercial real estate

A real estate development firm recently announced that they will be expanding their business into Charleston with the purchase of warehouse space close to the port. Although the company has not had a presence in the area up until now, they own large amounts of property throughout the Carolinas.

Right now, two tenants occupy the nearly 512,000 square feet worth of warehouse space included in the recent commercial real estate transaction. One of the biggest opportunities presented by this purchase is the developer's plans to renovate the property by improving building infrastructure and energy efficiency.

After taking time to study Charleston's real estate market, the development group saw immense opportunity to further their business goals. However, one thing that could put a serious damper on their plans is failing to take the proper steps before beginning construction and remodeling on the warehouses. The new owners will have to make sure they are in compliance with local ordinances as they move forward.

Additionally, it will be important to make sure the development group takes the appropriate steps while working alongside the building's current tenants. Failure to appropriately handle lease agreements could create an unnecessary and costly dispute.

This recent expansion into the Charleston is very exciting for the business involved in this story and aspiring entrepreneurs, especially during this economic recovery. Successful real estate transactions are often a critical component in the success of growing businesses. The hope is that enthusiasm will continue to build and other business leaders will find opportunities to purchase commercial property in order to help them meet their goals.

Source: Charleston Regional Business Journal, "Charlotte company buys warehouse acreage near port," Jan. 10, 2013

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