LMHT Capital, the acquisition arm of Rehoboth Beach-based Jack Lingo Asset Management, acquired the Offices at Nexton, a Class A multi-tenant office building located in the Summerville submarket of Charleston, SC.
The Offices at Nexton is 95 percent occupied. In addition, the property offers walkable amenities including numerous dining/entertainment options and recreation opportunities.
It’s the first foray outside Delaware for the developer of commercial and residential projects in southern Delaware.
Doug Motley, principal of LMHT Capital, noted “The Offices at Nexton presented the opportunity to acquire the premier office asset in a very dynamic and rapidly growing submarket. Not only is this a great building, but it is surrounded by amenities typically found in more urban destinations. We see tremendous value in the rare combination of long-term stability and growth potential offered by this investment.”
The 98,000 square foot building was constructed in 2014. The Offices are part of the overall Nexton mixed-use development community which encompasses 4,500 acres and consists of 10,000 planned residential units and six million square feet of commercial space.
LMHT Capital has engaged the Charleston office of Cushman & Wakefield | Thalhimer to provide leasing and property management services for the property.
This closing marks the first acquisition in LMHT Capital’s strategy of building a portfolio of office assets in select high growth markets in the southeast and mid-Atlantic regions.