The property will be acquired for all-in costs of $4.55 million, in an all-cash transaction, from RadioShack Corp., which is consolidating its warehouse and distribution facilities. The electronics retailer will remain in occupancy under sale/leaseback terms through September.

    "Charleston is a thriving port city and we will be marketing this very desirable space to the city's many growing harbor-related businesses," says Anthony E. Malkin, President of W&M Properties and Wien & Malkin Supervisory Services.

    Mr. Malkin adds that several other properties in the South are currently undergoing "intensive evaluation" as potential acquisitions, including sites in Atlanta and Savannah, Georgia, and Norfolk, Virginia. The fund's first two acquisitions, closed last winter, are in Memphis, Tennessee and Columbus, Ohio.

    A more complete description of this pending Charleston acquisition will be reported in Real Estate Investor after the transaction closes.

    Industrial Partners acquires warehouse/distribution facilities and other light industrial properties that present strong value-added opportunities for redevelopment and remarketing. Mr. Malkin personally reviews each proposed acquisition with the day-to-day operator of the fund, Jonathan P. Garrity, before a final investment determination is made.