Commercial Real Estate Direct Staff Report
A group led by Richard C. Davis, chief executive of brokerage Trademark Properties, has paid $17.2 million for the Citadel Mall in Charleston, S.C.
Davis, whose Charleston, S.C., company brokers the sale of residential and commercial properties and manages them as well, is also the creator of reality television shows focused on buying, fixing and flipping residential real estate, including Flip This House, which had aired between 2005 and 2009, and the Real Deal, which became the Real Estate Pros. He couldn't be reached for comment.
The mall's $17.2 million sales price compares with the $15.4 million value pegged on the property through an appraisal last April. It also resulted in a $62.7 million loss to Wachovia Bank Commercial Mortgage Trust, 2007-C32, the CMBS trust that had held a like-sized loan against 290,620 square feet of non-anchor space at the 1 million-sf property, which was listed for sale through NGKF Capital Markets last...
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