Art of the Deal
What has been a long time coming, a large portion of 225 Seven Farms Drive (formerly known as the Ryland Building), has been sold to new local owners. For the past six years, approximately 60% of the building has been in receivership, meaning an outside company has managed the property with virtually no onsite care. The rest of the building is owned by other local businesses and by owners of the residential units.
According to local resident Mike White, who has been a longtime tenant of the building, during the recession, a large primary tenant defaulted on their lease causing a majority of the building to go into receivership. Once the market stabilized, it was in negotiations to be sold. White was eager to snatch up a large portion of the building in hopes of revitalizing the property into what he calls one of the “nicest” buildings on Daniel Island.
“I have long believed this building was under-performing while being held in receivership. We have a specific strategy to unlock hidden value and raise the profile of the building in a manner that is most beneficial to our residents, tenants and owners. In the coming weeks we will be announcing some exciting new tenants who will bring an even higher level of professional services to Daniel Island,” stated White.
The structure of the building stands out as unique on the island. The foundation and walls of the building are made out of concrete. That is very unusual for a building of its size. In fact, in 2007 the building won the TCA Tilt-Up Achievement Award - Special Projects Division. Tilt-up is a building system whereby large concrete walls are cast on the building slab or elsewhere on site and then lifted (tilted) into position.
With White the Managing Member of an investment group called 225 Seven Farms Investors, LLC, the other members of the group include David Hudson (another longtime tenant of the building), and The Becker Organization from New Jersey. Together they purchased 34,000 SF on December 15, 2015 with a commercial loan from SunTrust Bank.
“I am completely dedicated to continually improve and enhance this special property, which I believe is Daniel Island’s most beautiful commercial building. Our planned improvements include upgrading landscaping and public space, parking lot enhancements and adding a unique signature piece of public artwork at our front entrance, designed to create a specific branding and welcoming appearance for all Daniel Island residents and visitors to enjoy,” added White.