Camino Verde Group has acquired the historic Anchor Center in North Charleston, South Carolina.
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By Christine Serlin
Camino Verde Group (CVG), a Las Vegas–based real estate investment and development firm, is expanding to the East Coast with the acquisition of the historic Anchor Center in North Charleston, South Carolina.
The firm plans to create a mixed-use development on the 3.67-acre site, including transforming the abandoned 158,000-square-foot Navy office building into 118 multifamily units as well as creating an eight-story building with 295 units on the remaining vacant land.
“This acquisition further exemplifies our firm’s investment strategies focused on markets with strong fundamentals and economic growth,” said co-founder and managing director Kevin Romney. “This purchase is the first step of our portfolio expansion in the Eastern U.S. We appreciate the fundamentals of the Greater Charleston market because it is one of the fastest-growing metropolitan areas that has seen substantial job development due to the recent influx of eminent companies.”
Originally constructed in 1970 and decommissioned in 1996, the former military building was once home to the Navy commandant’s office and served a vital role during the Vietnam War. It qualifies for South Carolina Abandoned Building Credits, and CVG plans to restore the historically significant features to preserve the cultural heritage and land, including the commandant’s office and a 130-seat briefing auditorium.
“It’s essential to maintain the historic characteristics of this property to ensure the legacy is preserved,” said CVG co-founder Mike Ballard. “We plan to revitalize the briefing room as a theater for movie and comedy events, and the commandant’s office will be available to guests for tours and observation.”
The site is centrally located, offering convenient access to both jobs as well as entertainment opportunities. Neighboring it is Navy Yard Charleston, an expansive project acquired by international real estate development firm Jamestown, which plans to create a 1.2 million-square-foot mixed-use neighborhood with office, residential, retail, dining, entertainment, and green spaces.