61 West - Sale

The 61 West Medical complex presents an outstanding opportunity for a major MOB investor to establish a presence in the high barrier to entry market of Charleston, SC. This well-located West Ashley asset has an excellent mix of clinical healthcare practices and just 1.2 miles from Bon Secours/St. Francis Hospital’s flagship campus. It is easily accessible from I-526 & Hwy 61, and only 7.2 miles from the central business district of historic Charleston.

Boasting a growing population, a technically skilled workforce, and global marketplace connections, Charleston provides an ideal backdrop for this investment opportunity. Despite this rapid population growth the market has not seen a significant increase in new medical buildings resulting in a limited supply of quality medical space. As a result, the West Ashley submarket is currently experiencing a vacancy rate of 15% and has seen an absorption of >99,000 sf in the past 12 months (Costar report).

With average rents at more than $2 psf below the sub-market average and with nearly one quarter of the existing space in the building without renewal options, this investment presents a significant value-add opportunity for the next owner. Current research also suggests a significant opportunity exists for healthcare services in the West Ashley submarket. Notably, there is a lack of facilities in primary care, physical/occupational therapy, and mental/behavioral health.

Property will be sold via a call for offers process. All offers are due by 5 p.m. EST on February 28, 2025.