Genovesi closes on $14m sale.Joseph Genovesi at NAI See Network Associates. DG Hart has recently closed on a $14 million sale for New Jersey-based Mikasa, Inc. and its French parent, Arc International This article is about the publicly traded processor company. For the privately held French housewares company of the same name, see ARC International (household). Inc.. The firm retained Genovesi in mid-2005 to analyze the highest and best options for their approximately 300-acre site in Charleston which included an 800,000 s/f distribution facility. Utilizing the local expertise of NAI Batten bat·ten 1 v. bat·tened, bat·ten·ing, bat·tens v.intr. 1. To become fat. 2. & Moore of Charleston, SC, the team proposed a plan to subdivide TO SUBDIVIDE. To divide a part of a thing which has already been divided. For example, when a person dies leaving children, and grandchildren, the children of one of his own who is dead, his property is divided into as many shares as he had children, including the deceased, and the share the property, selling the raw land separately and then the adjoining distribution center as a sale-leaseback. Within several months a highly qualified buyer was prepared to take the facility; however, Mikasa elected to hold the property off the market temporarily to review its options. The development site includes 136 acres of high land and 3,300 feet of frontage along Clements Ferry, where property values have soared. The Clements Ferry corridor became ripe for development after the opening of Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. 526 some 14 years ago. The property is zoned for a light industrial development, but Moore says economic forces have all but rendered that use obsolete. "Land values out there so much exceed what people are willing to pay for industrial land". The buyer of the 233-acre land site around the Mikasa distribution center was a 50-50 joint venture between Bennett-Hofford Co. of Charleston and Mount Pleasant-based McAlister Development. Both of these local real estate investment groups had been separately pursuing the development site and ultimately dropped their competing bids and bought the property together. The deal closed in May 2006. The price was not disclosed, but it was north of the original asking price of $14.75 million. Joseph Genovesi of NAI DG Hart and Charlie Moore
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