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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription