South Carolina

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson January 18, 2024

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

January 18, 2024

Acquisitions South Carolina Southeast Student Housing

Harrison Street Sells 994-Bed Student Housing Community Near Clemson University

by John Nelson January 11, 2024

CLEMSON, S.C. — Harrison Street has sold Epoch Clemson, a 994-bed student housing community located near the Clemson University campus in South Carolina. The property offers a mix of cottage, townhome and apartment units in one-, two-, three-, four- and six-bedroom configurations. Shared amenities include sand volleyball and basketball courts, an onsite cafe, group and private study areas, 24-hour fitness center, yoga room, dog park and a resort-style swimming pool. The community also features 3,600 feet of frontage along Lake Hartwell, with amenities including a private beach, boat docks and lakeside pedestrian paths. Walker & Dunlop represented Harrison Street in the sale of the property to an affiliate of Inland Real Estate Acquisitions. The sales price was not disclosed.

January 11, 2024

Development Industrial South Carolina Southeast

Robinson Weeks Breaks Ground on 635,328 SF Industrial Building in North Charleston

by John Nelson January 10, 2024

NORTH CHARLESTON, S.C. — Atlanta-based Robinson Weeks Partners has broken ground on Charleston Global Crossing, a 635,328-square-foot industrial building located at 4601 Franchise St. in North Charleston. Situated near Dorchester Road, the site is in close proximity to I-26 and I-526, as well as within six miles of Charleston International Airport and 14 miles from the Port of Charleston. Matt Davis with Robinson Weeks is handling the leasing assignment for Charleston Global Crossing along with Hagood Morrison, Hagood Morrison II and John Beam of Bridge Commercial. Upon completion, the cross-dock building will include 2,238 square feet of modern office space and high-quality warehouse lighting. The construction timeline was not disclosed.

January 10, 2024

Acquisitions Multifamily South Carolina Southeast

Argyle Real Estate Purchases 264-Unit Apartment Community in Charleston

by John Nelson January 3, 2024

CHARLESTON, S.C. — Argyle Real Estate Partners has purchased Newbrook Point Hope, a 264-unit apartment community located in Charleston’s Daniel Island submarket. The seller and sales price were not disclosed. Built in 2021, Newbrook Point Hope is a multifamily component within Point Hope, a master-planned development that contains single-family homes, shops, restaurants, offices, apartments and schools. Newbrook Point Hope features one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Amenities include a clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with community trails. Locally based Argyle has tapped Greystar to operate Newbrook Point Hope.

January 3, 2024

Acquisitions Retail South Carolina Southeast

SRS Negotiates $3.2M Sale of Retail Property in Beaufort, South Carolina Leased to Mavis Discount Tire

by John Nelson December 20, 2023

BEAUFORT, S.C. — SRS Real Estate Partners has negotiated the nearly $3.2 million sale of a 6,800-square-foot retail property located at 162 Sea Island Parkway in Beaufort, about 35 miles from Hilton Head Island. Mavis Discount Tire fully occupies the store, which opened this summer, on a 20-year triple-net lease. The Mavis property is part of a larger retail development that includes Publix, AutoZone, Sherwin-Williams and Wendy’s. Patrick Nutt, William Wamble and Sabrina Kortlandt of SRS represented the seller, an unnamed developer based in Florida, in the transaction. The Vermont-based private buyer purchased the asset in a 1031 exchange at a 5.38 percent cap rate, according to SRS.

December 20, 2023

Development Mixed-Use South Carolina Southeast

North Charleston City Council Approves 50-Acre Naval Yard Redevelopment

by John Nelson December 19, 2023

NORTH CHARLESTON, S.C. — The North Charleston City Council has voted to approve Battery Park, a redevelopment of the 50-acre former Charleston Naval Complex. A partnership consisting of Jamestown, Weaver Capital Partners and WECCO Development will assist the city in transforming the waterfront complex into a mixed-use district comprising 1,400 residential units, with 17 percent reserved for workforce housing (households earning less than 120 percent of the area median income). The development will also feature shops, restaurants, offices, entertainment spaces and 23 acres of public spaces, parks and streets. The developers also plan to establish a new pavilion with a market hall, event space and an active lawn fronting the water. The construction timeline for the redevelopment was not disclosed. In addition to Battery Park, Jamestown, Weaver Capital and WECCO are underway on Navy Yard Charleston, an 85-acre redevelopment that will ultimately comprise 3.5 million square feet of commercial and residential space comprising more than 2,600 residential units.

December 19, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Six New Tenants at $1B Greenville County Square Development in South Carolina

by John Nelson December 19, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed six new tenants to join Greenville County Square, a $1 billion mixed-use development underway in downtown Greenville. In addition to Whole Foods Market announced earlier this year, the 3 million-square-foot development will include Pottery Barn, Williams Sonoma, Cordish Cos. brands Sports & Social and PBR and restaurants Fleming’s Prime Steakhouse and Wine Bar, Hawkers and The Salty. Other committed tenants include Lima One Capital (office), Pins Mechanical, Fairway Social, Perch Kitchen and Tap, Agave Bandido, Jinya Ramen Bar and Ben & Jerry’s. Earlier this year, Greenville County moved into its new 262,000-square-foot administrative building and parking deck. RocaPoint is currently building out the project’s roads and infrastructure.

December 19, 2023

Development Industrial South Carolina Southeast

GTIS, Collett Industrial Acquire 107-Acre Development Site in Cherokee County, South Carolina

by John Nelson December 18, 2023

CHEROKEE COUNTY, S.C. — A joint venture between GTIS Partners and Collett Industrial has acquired a 107-acre site located on Tribal Road in Cherokee County, midway between Charlotte and Greenville, S.C. Plans for the site include the development of 850,000 to 930,000 square feet of industrial warehouse space across two phases. Phase I will comprise a 200,000- to 225,000-square-foot rear-load building, and Phase II will include either a single 510,000-square-foot cross-dock building or two rear-load buildings totaling roughly 423,000 square feet. GTIS and Collett also plan to widen and implement improvements to a portion of Tribal Road. Construction is scheduled to begin in February 2024.

December 18, 2023

Acquisitions Development Mixed-Use South Carolina Southeast

HIC Land Buys 2,600 Acres in Hardeeville, South Carolina for Future Master-Planned Community

by John Nelson December 12, 2023

HARDEEVILLE, S.C. — HIC Land has acquired 2,600 acres in Hardeeville, a city within the Hilton Head Island-Bluffton metropolitan area, for $36 million. The land had been in the Morgan family for over 100 years before it sold to the the Charleston-based company. HIC Land, along with homebuilding partner D.R. Horton, plans to develop a master-planned community on the tract that will include homes, commercial spaces, amenities, parks, nature trails and sidewalks. The projected 20-year development is expected to break ground in 2024. As part of the transaction, HIC Land and D.R. Horton will improve the area’s infrastructure, including roads and utilities.

December 12, 2023

Acquisitions Retail South Carolina Southeast

ZRP Acquires Wando Crossing Shopping Center Near Charleston for $46.8M

by John Nelson November 17, 2023

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.

November 17, 2023

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