Charleston’s rising star is shining a light on another economic milestone, with sales of investment real estate breaking through the $1 billion barrier for the first time last year.
The figure comes from a new report by Colliers International that looked at acquisitions of commercial real estate in the local market in 2015.
It was the sixth straight year of sales gains of income-producing properties, from apartments to shopping centers to office buildings.
“Charleston is just a great place right now to own real estate and be a seller,” said Scott Rogers, senior brokerage associate and investment sales specialist at Colliers’ downtown office.
Newcomers to the market are driving much of the buying activity, which mirrors what’s happening on the residential side of the market.
The bulk of the horse-trading last year — or 52 percent — was concentrated in the rapidly expanding apartment sector, with 26 deals totaling nearly $522 million, according to Colliers. The biggest transaction was the sale the 253-unit Riviera at Seaside Farms in Mount Pleasant, which a Yonkers, N.Y.-based firm snapped up for $60.5 million from an affiliate of The Beach Co.