1020 Aragon Street, North Charleston, SC 29405
A fully occupied investment property with four years remaining on the initial term of a lease.
Leased to Morsco Supply, a subsidiary of Reece, an Australian Company. Morsco was recently purchased for $1.44 Billion in cash by Reece. Morsco has a lease until August 31, 2023. The lease has 3% annual escalations. Morsco Supply purchased the former occupant and now the owners have decided to sell this property. The property is a 51,484 square foot property consisting of offices, showroom, conference room and warehouse space. The property has 2.18 acres and is located in the Spruill Avenue section of North Charleston very close to Park Circle. The tenant has two, five year options that also include 3% escalations. This is a solid opportunity for a 1031 exchange and a long term hold even for adaptive reuse potential options in the future.