Charleston's Cigar Factory sold

The Cigar Factory, a 230,012-square-foot historic building in downtown Charleston, S.C., has sold for an undisclosed price.

The Simpson Organization Inc. purchased the office property -- built in 1881 as a cotton mill -- from IGL Two LLC.

Located at 701 East Bay St., the property has been operated as an office building for the last 25 years; however, the buyer plans an extensive redevelopment to residential condominiums.

The structure is on the National Register of Historic Places, according to a press statement.

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