PAWLEYS ISLAND — A Charleston real estate investment and development firm has made its first purchase in the Grand Strand area.
Stono Group, in partnership with the Maryland-based real estate investment firm Matan Companies, bought an industrial warehouse at 312 Commerce Drive in Pawleys Island with the goal of updating and leasing the 1.2-acre property. It includes a 13,000-square-foot warehouse split into three units.
Kevin Hann, managing partner of Stono Group, said his firm was drawn to the Grand Strand area because of its growing population. The fact that they were able to acquire a property in Pawleys Island was a plus because Hann’s business partner, Sanders Chapman, grew up there.
“So there’s some sentimental value there,” Hann said. “He’s always wanted to kind of plant a flag there.”
Cabana Boy Beach Services and Marsh Tacky Carbon occupy two of the property’s units. An approximately 4,768-square-foot space with an air-conditioned warehouse, office and drive-in loading area is available for lease.
Hann said the vacant space would be a good fit for plumbers, electricians, HVAC contractors or anyone else that would benefit from a loading garage.
There aren’t many opportunities to acquire properties in Pawleys Island, and there aren’t many building options for tenants, Hann said.
“So if you can provide a building that is both functionally and aesthetically appealing to the majority of businesses in the area, theoretically speaking, it could be a good real estate investment opportunity. So, that’s what we’re looking to do,” he said.
Planned improvements to the building include updating the landscaping, repairing the parking lot, installing new signage and updating the paint scheme and other aesthetic elements of the property.
“We’re excited to be in the market,” Hann said.