Atlanta-based real estate firm makes first acquisition in the market

Charleston, SC – Global real estate advisor Avison Young has brokered the sale of 61 West, a 43,426-square-foot (sf) medical office building located at 1483 Tobias Gadson Blvd in Charleston, South Carolina to Atlanta-based SG Property Services for an undisclosed amount. The transaction marks the firm’s first acquisition in the Charleston market.

Avison Young Principal Gary Lyons and Vice President Gregg Legerton represented the seller, Tobias, LLC.

“Charleston has an extremely tight medical office market with a high barrier to entry,” said Lyons. “Average vacancy sits at approximately 5.5% and there are limited new buildings in the pipeline, which makes this established building with a strong tenant mix an attractive opportunity for a national firm such as SG Property Services to enter the market with.”

Situated on the corner of Tobias Gadson Blvd and Paul Cantrell Blvd in the West Ashley submarket of Charleston, the property is 86% occupied with a healthy mix of clinical healthcare tenants including University Medical Associates (UM of SC), Anesthesia Associates and Parkwood Pediatrics. The building underwent significant renovations to the lobby and common areas in 2023 and features state-of-the-art environmental optimization
such as EV charging stations and solar panels.

The property offers a unique opportunity in a high barrier to entry market. Despite Charleston’s rapid population growth in recent years (+17.8% since 2015), there has not been a significant increase in new medical buildings due to record high construction costs and the lack of developable land in desirable locations.

###