A Decade of Vision and Investment Pays Off
In a remarkable turn of events, a Charleston real estate investor has recently sold a diverse portfolio of properties in the upper peninsula for a staggering $94 million, marking a remarkable return on investment. This visionary investor, Steve Zoukis, founder, and CEO of Raven Cliff Co. LLC, acquired these properties for a fraction of the price, making this transaction a true testament to his strategic foresight.
A Profitable Deal
The largest piece of this real estate puzzle involved the Pacific Box & Crate site, located at 1505 King St. Extension, which was sold for an impressive $49.5 million. Zoukis also managed to sell 15 other parcels in the vicinity, stretching between Meeting Street and Morrison Drive, including the 100,000-square-foot Half-Mile North development, for an additional $41 million. Another property on Brigade Street fetched $3.5 million. When combined, these properties were originally purchased by Zoukis for a mere $12.78 million between 2012 and 2016.
Zoukis didn’t just acquire these properties; he invested significantly in various improvements to attract commercial tenants to the area. This strategic move undoubtedly played a pivotal role in the remarkable increase in property value.
The New Owner: Asana Partners
The buyer of these prime properties is an affiliate of Charlotte-based real estate investment firm Asana Partners. Asana Partners is no stranger to the Charleston market, as they had previously acquired a portion of the dual-hotel Midtown development on upper King Street back in 2019.
While the Asana representative remained tight-lipped about the company’s plans for these new acquisitions, it’s clear that they see substantial potential in this thriving Charleston neighborhood.
Zoukis: A Catalyst for Change
In 2017, The Post and Courier recognized Zoukis as one of the most influential players in Charleston’s food and beverage scene. His dedication to promoting ambitious food-and-beverage concepts has elevated Charleston’s culinary presence significantly.
One of his most notable acquisitions was the Pacific Box & Crate site, which he purchased for $5.2 million in 2016. Today, this site boasts an impressive lineup of tenants, including Edmund’s Oast Brewing Co. and several renowned restaurants like Rancho Lewis and Sushi-Wa.
A Diverse Portfolio of Tenants
The properties sold between Morrison and Meeting Streets comprise a diverse mix of businesses, ranging from food-and-beverage establishments to office tenants. Among the notable tenants are Lewis Barbecue, Edmund’s Oast, goat.sheep.cow north, Babas on Meeting, and The Daily, which is scheduled to open soon in the space previously occupied by Butcher & Bee.
Additionally, the Half-Mile North properties between Morrison and Meeting Streets house offices for well-established commercial real estate firms, including NAI Charleston and Harbor Commercial Partners, as well as cost-management adviser SIB, and the editorial and advertising offices of The Post and Courier.
A Promising Future for Charleston Real Estate
The deal between Steve Zoukis and Asana Partners underscores the continued strength and desirability of the Charleston real estate market. Bob Nuttall of the commercial real estate firm Lee & Associates, located on Morrison Drive, noted that the area remains highly sought after, with demand for various types of properties.
Investors like Asana Partners, who chose to reinvest in the Charleston market post-COVID-19 lockdown, display their unwavering faith in the area’s potential for growth and prosperity.
In conclusion, Steve Zoukis’s visionary investments in the upper peninsula have not only transformed the landscape of Charleston but have also resulted in a lucrative payday. Asana Partners now holds the keys to these prime properties, and the future of the upper peninsula real estate market looks promising as ever.