Portside at Ferry Wharf
Portside at Ferry Wharf
Location: mt. pleasant, sc
Status: Completed, sold
Property Type: class a office
Closed: march 2018
Completed: september 2019
Portside at Ferry Wharf is a multi-tenant speculative office building owned, developed, leased, and managed by Holder Properties. The project is located within Ferry Wharf, a waterfront, master-planned community envisioned to include a mix of office, retail, hospitality, and residential uses. Holder acquired the 1.1-acre site in March 2018 and delivered the building in September 2019, positioning the project as a best-in-market office offering with direct waterfront views and proximity to executive housing in Mount Pleasant.
Strong tenant demand drove full lease-up by May 2020, just eight months after delivery. The property’s location, quality of construction, and access to decision-makers contributed to leasing performance that exceeded underwriting expectations, even amid broader office market disruption caused by COVID-19. Holder sold Portside in December 2020, outperforming projected returns, and was subsequently retained by the new owner for ongoing property management and landlord leasing representation—reinforcing the long-term value of the asset and Holder’s continued involvement post-sale.
120,514
SQUARE FEET
100%
OCCUPANCY AT SALE
$34.5 MM
BUILD COST ($000s)
$ PSF: $286
33 MONTHS
HOLD PERIOD (mos)
2.24x
REALIZED MOIC
32.4%
REALIZED IRR
$48.4 MM
SALE PRICE ($000s)
$ PSF: $402
EXIT CAP RATE: 5.87%