South Carolina

PRP, Flint Development Complete 1.9 MSF Distribution Center in Moore, South Carolina

by Katie Sloan February 22, 2024

MOORE, S.C. — A partnership between PRP and Flint Development has completed the development of a 1.9 million-square-foot distribution center in the Greenville-Spartanburg metropolitan area community of Moore. The property is fully leased to an affiliate of Hong Kong-based power tool manufacturer Techtronic Industries Co. and will distribute goods from the company’s Hart Consumer Products division. The development is one of the largest single-story logistics properties in the United States, according to PRP. The center features a cross-dock loading configuration with 40-foot clear heights, 338 dock doors and a 185-foot truck court, with 835 spaces of excess trailer parking across 178 acres of land. The development is located near the Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. Techtronic Industries leases a second 1.4 million-square-foot logistics center roughly 11 miles away in Duncan, which PRP also developed. The property distributes products from the company’s Hoover brand. PRP is a Washington, D.C.-based real estate investment management company with a focus on corporate headquarters facilities, office properties, logistics facilities, high-street retail properties, multifamily and data centers. Prairie Village, Kan.-based Flint Development is a commercial real estate development firm specializing in industrial, multifamily and …

February 22, 2024

Acquisitions Hospitality South Carolina Southeast

Hybridge Capital Acquires Yachtsman Resort in Myrtle Beach Out of Bankruptcy

by John Nelson February 21, 2024

MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction. Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal. Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.

February 21, 2024

Development Industrial South Carolina Southeast

OMRON Automation to Build Manufacturing Facility in Upstate South Carolina

by John Nelson February 20, 2024

GREER, S.C. — OMRON Automation, a global industrial automation solutions provider, plans to expand its operations footprint to Upstate South Carolina with a new manufacturing facility in Greer. The new facility will be located at 311 Genoble Road and will support 162 new jobs. OMRON plans to invest $9.2 million into the operation, which will include the manufacturing of motion controllers and drives, machine vision, barcode readers and verification systems. Meredith O’Connor, Sean Reynolds, Perry Major and John Cashion of JLL represented OMRON in the development and site selection process, which included the evaluation of more than 85 cities across the United States. The size and construction timeline for the Greer facility were not disclosed.

February 20, 2024

Loans Multifamily South Carolina Southeast

CBRE Secures $120M Refinancing for Morrison Yard Residences in Charleston

by John Nelson February 15, 2024

CHARLESTON, S.C. — CBRE has secured a $120 million loan for the refinancing of Morrison Yard Residences, a 379-unit apartment community located along the Cooper River at 838 Morrison Drive in Charleston. The borrower, a joint venture between Woodfield Investments and Argosy Real Estate Partners, delivered the community last year. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE arranged the loan through Northwestern Mutual Life Co. The loan was underwritten with a fixed interest rate in the low 6 percent range. Morrison Yard features a 10-story tower and a six-story mid-rise building offering one-, two- and three-bedroom apartments, as well as penthouse units. Amenities include outdoor courtyards, pool overlooking Charleston Harbor, game room and a bocce ball court, as well as 27,608 square feet of ground-level retail space. BODYROK, a Pilates fitness concept, recently signed a lease to occupy retail space at Morrison Yard Residences. The apartment community serves as the multifamily component of Morrison Yard, a mixed-use development that will also feature an office tower, Kimpton Hotel and 40,000 square feet of retail space at full build-out.

February 15, 2024

Development Industrial South Carolina Southeast Top Stories

EnerSys Plans $500M Manufacturing Facility in Greenville, South Carolina

by Hayden Spiess February 15, 2024

GREENVILLE, S.C. — EnerSys, an industrial technology company, has announced plans to develop a new manufacturing facility in Greenville. EnerSys expects to break ground on the $500 million project next year. Upon completion, the facility will total 500,000 square feet on 140 acres within the August Grove Business Park. Operations are slated to begin at the property in late 2027. Reading, Pa.-based EnerSys manufactures batteries, chargers and power systems for use in the telecommunications, broadband, data center, industrial utilities, warehouse, logistics, aerospace, defense and transportation industries. The new operations will focus on producing lithium-ion cells, with a projected annual production capacity of four gigawatt hours (GWh). This will mark the second facility in the state for the company, which operates in 14 other locations throughout North America. EnerSys says the new facility will create 500 jobs, presumably including both the permanent employees and temporary construction workers. — Hayden Spiess

February 15, 2024

Acquisitions Retail South Carolina Southeast

JLL Arranges $29M Sale of Lowes Foods-Anchored Shopping Center in Summerville, South Carolina

by John Nelson February 1, 2024

SUMMERVILLE, S.C. — JLL has arranged the $29 million sale of Oakbrook Station, a Lowes Foods-anchored shopping center located at 10020 Dorchester Road in Summerville, a suburb of Charleston. Brad Buchanan, Tom Kolarczyk, Jim Hamilton and Andrew Michols of JLL represented the seller, LBX Investments, in the transaction. New York City-based Kempner Properties purchased the property in partnership with Peter Braus and James Wacht of Lee & Associates. Built in 1997 and renovated in 2017, Oakbrook Station spans 138,137 square feet and was 99 percent leased at the time of sale to tenants including the U.S. Postal Service, Community Thrift and Dollar Tree.

February 1, 2024

Georgia Loans Multifamily North Carolina South Carolina Southeast

JLL Secures $149M Financing for Southeast Multifamily Portfolio

by John Nelson January 24, 2024

SAN DIEGO — JLL has secured a $149 million loan for the refinancing of a three-property multifamily portfolio in the Southeastern United States. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The properties in the portfolio include the 313-unit Verde Vista in Asheville, N.C.; the 288-unit Avenues at Verdier Point in Charleston, S.C.; and the 256-unit Adara at Godley Station in Savannah, Ga. San Diego-based Sunroad Enterprises acquired the three properties in 2021 and has since completed 100 percent of its planned exterior and common area renovations and 50 percent of interior renovations.

January 24, 2024

Development Leasing Activity Mixed-Use Retail South Carolina Southeast

Lowes Foods to Anchor 50-Acre Platt Springs Crossing Development in Lexington, South Carolina

by Hayden Spiess January 23, 2024

LEXINGTON, S.C. — Lowes Foods has signed a lease to anchor Platt Springs Crossing, a 50-acre mixed-use development currently underway in Lexington, a western suburb of Columbia, S.C. The Winston-Salem-based grocer will occupy 51,000 square feet at the development. Other tenants will include Chipotle Mexican Grill, Tidal Wave Car Wash, Panda Express and Planet Fitness. An affiliate of NAI Columbia doing business as LLDC Platt Springs LF LLC is the developer of the project, which is scheduled to begin opening early next year. Ben Kelly and Patrick Chambers of NAI Columbia represented the landlord in the lease negotiations with Lowes Foods. The grocery store is scheduled to open in the third quarter of 2025.

January 23, 2024

Acquisitions Georgia Industrial Kentucky Loans North Carolina South Carolina Southeast Tennessee

PCCP Provides $102M Acquisition Loan for Southeast Industrial Portfolio

by John Nelson January 22, 2024

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

January 22, 2024

Development Industrial South Carolina Southeast

Tesla to Open 251,100 SF Logistics Center Near Greenville

by John Nelson January 19, 2024

FOUNTAIN INN, S.C. — Electric vehicle giant Tesla will open a 251,100-square-foot logistics center within Fox Hill Business Park in Fountain Inn, roughly 20 miles outside Greenville. The facility, the first in the state for Tesla, will distribute vehicle parts regionally and will not include manufacturing operations. Tesla will fully occupy Building 3 within Fox Hill Business Park, which is being developed by The Sudler Cos. Tesla and the developer announced a similar partnership in Tampa in 2023. A timeline for the auto company’s occupancy at Fox Hill was not disclosed. Other tenants at the park, which will feature up to 2.5 million square feet of manufacturing, distribution and warehousing space at full build-out, include Sage Parts Plus, a supplier of replacement parts for aviation ground support equipment.

January 19, 2024

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