South Carolina

Keith Corp., Singerman Complete 1 MSF Industrial Property in Summerville, South Carolina

by Julia Sanders March 11, 2022

SUMMERVILLE, S.C. — Charlotte-based The Keith Corp. and its Chicago-based partner Singerman Real Estate has completed a 1 million-square-foot industrial property in Summerville. The concrete tilt-wall and steel frame industrial building was built as part of the three-million-square-foot, 230-acre Charleston Trade Center campus. Twin Star Home, a designer and manufacturer of indoor and outdoor living products, will lease the building. Twin Star Home’s new cross-docked facility features 40-foot clear heights, 120 dock doors, two drive-in doors and 4,000 square feet of upfit office space. Construction began in January 2021 and was completed in less than 12 months. McMillan Pazdan Smith Architecture designed the project, Frampton Construction was the general contractor and Alliance Consulting Engineers was the civil engineer. Lee Allen and Kevin Coats of JLL handled the marketing and leasing for the development team.

March 11, 2022

Loans Multifamily South Carolina Southeast

KeyBank Secures $40M Refinancing for Multifamily Property in Charleston

by Julia Sanders March 9, 2022

CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.

March 9, 2022

Development Office South Carolina Southeast

CrossRidge Development Completes 120,000 SF Office Building in Metro Charlotte

by Julia Sanders March 4, 2022

INDIAN LAND, S.C. — CrossRidge Development has completed CrossRidge One, a 120,000-square-foot, Class A office building in Indian Land. CrossRidge One is located within CrossRidge Center, a 190-acre, mixed-use development situated about 23 miles south of Charlotte. Charley Leavitt of JLL is leading office leasing, while Margot Bizon and Lindsay Stafford of JLL are marketing the retail component. Architectural firm Perkins Eastman designed CrossRidge One, and Edifice Inc. served as the general contractor. The next phase of development for CrossRidge Center, which includes 55,000 square feet of retail space, is slated to begin construction in the fourth quarter. Phase I of CrossRidge Center’s retail expansion will deliver in the summer of 2023. The center encompasses six retail parcels available for ground lease, build-to-suit and multi-tenant buildings. CrossRidge Center’s first phase also includes a 120-room hotel. Phase II will deliver an additional 150,000 square feet of space over the course of three years.

March 4, 2022

Acquisitions Multifamily South Carolina Southeast

CRC Acquires Apartment Community in Mount Pleasant, South Carolina for $55.5M

by Julia Sanders March 2, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has acquired Sweetgrass Landing Apartments, a multifamily community in Mount Pleasant, about 9.1 miles from Charleston. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital, in the $55.5 million sale. CRC purchased Sweetgrass Landing on behalf of Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The firm acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. Sweetgrass Landing is a two-story, 14-building apartment community developed in 2001. The property offers one-, two- and three-bedroom floorplans ranging from 787 to 1,596 square feet in size with open kitchen areas with a dining room, extra-large kitchen sinks, tile backsplashes, walk-in closets, stainless steel appliances, master bedrooms that can accommodate a king-sized bed, in-unit washers and dryers, garden tubs, screened patios and private balconies The property was 96 percent occupied at the time of sale. Community amenities include an outdoor swimming pool with fountain and sundeck, clubhouse with fireplace, fitness center, automotive care center and a pet park. Located at 1100 Legends Club Drive, the property is …

March 2, 2022

Development Industrial South Carolina Southeast

Frampton Begins Construction on 89,000 SF Industrial Facility Near Port of Charleston

by John Nelson February 25, 2022

CHARLESTON, S.C. — Frampton Construction Co. has broken ground on a “transload” industrial facility near the Port of Charleston spanning 89,000 square feet. The Keith Corp. is developing the property in partnership with the South Carolina Ports Authority on behalf of the tenant, TradePort Logistics. The third-party logistics firm handles cargo for retailers like Walmart, which recently opened its 3 million-square-foot distribution hub nearby. TradePort’s concrete, tilt-up building will feature 20-foot clear heights, 130 dock doors, 630 trailer parking spaces and 110 employee parking spaces, as well as approximately 2,000 square feet of office space. The site is located off Clements Ferry Road. An access road is being built to connect the facility to Charleston Regional Parkway, according to Frampton. Other project members include architect Berenyi Inc. and civil engineer Thomas + Hutton. Frampton expects to deliver the facility this summer.

February 25, 2022

Acquisitions Multifamily South Carolina Southeast Tennessee

GVA Management, Leste Real Estate Purchase Sun Belt Multifamily Portfolio for $380M

by Julia Sanders February 24, 2022

MIAMI, AND AUSTIN, TEXAS — Austin, Texas-based GVA Management and Miami-based Leste Real Estate U.S. have purchased a portfolio of five Class B multifamily properties in Texas, Tennessee and South Carolina. The sales price for the portfolio was $380 million. The seller was not disclosed. The multifamily acquisition includes 1,670 individual units in total. The firms plan to make about $17 million in capital improvements across the portfolio. GVA Management will manage the portfolio and oversee the value-add improvements.

February 24, 2022

Development Industrial South Carolina Southeast

Hunt Midwest Breaks Ground on 476,280 SF Logistics Facility Near Spartanburg

by John Nelson February 18, 2022

LYMAN, S.C. — Hunt Midwest has broken ground on Fort Prince Logistics Center, a 476,280-square-foot distribution building in Lyman, about 11.3 miles west of Spartanburg. The project, which will be situated within the master planned Fort Prince Industrial Park, is slated for completion in the fourth quarter. Fort Prince Logistics Center will include 189 surface parking stalls expandable to 385, up to 125 tractor trailer parking stalls, a 135-foot-deep truck court, 48 dock positions, 36-foot clear heights, mechanical dock equipment, 7-inch concrete slab flooring, an ESFR sprinkler system and motion-sensor LED lighting. The project team includes civil engineer Seamon Whiteside, architect LS3P and general contractor Evans General Contractors. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are leading leasing on the project. Located on 47 acres at 1090 Fort Prince Blvd., Fort Prince Logistics Center has close access to Interstate 85, Inland Port Greer, GSP International Airport and BMW’s mega plant. Adjacent to the development is Walmart’s $450 million distribution facility that is anticipated to complete in 2024.

February 18, 2022

Acquisitions Multifamily South Carolina Southeast

Excelsa Acquire Multifamily Community in Goose Creek, South Carolina for $52.7M

by Julia Sanders February 17, 2022

GOOSE CREEK, S.C. — Bethesda, Md.-based Excelsa Properties has acquired Coventry Green Apartments, a 256-unit multifamily property located in Goose Creek. The undisclosed seller sold the property for $52.7 million. Coventry Green Apartments includes two- and three-story buildings. Built in 2001, the property offers one-, two- and three-bedroom floorplans. Community amenities include a car care center, saltwater pool, washer and dryer connections, billiards room, café with Wi-Fi and stainless steel appliances. Excelsa Properties intends to invest more than $5 million to upgrade the property. Located at 104 Gainsborough Drive, the property is situated 13.9 miles from North Charleston, 15.6 miles from Charleston International Airport and 22.7 miles to Charleston. The property is also close to major employers including Joint Base Charleston, The Medical University of South Carolina, The Boeing Co. and Volvo Car USA.

February 17, 2022

Loans Multifamily South Carolina Southeast

Ready Capital Closes $9M Acquisition Loan for Multifamily Property in Fort Mill, South Carolina

by Julia Sanders February 14, 2022

FORT MILL, S.C. — Ready Capital has closed a $9 million acquisition loan for a 64-unit, unnamed multifamily property in Fort Mill, a South Carolina suburb of Charlotte. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate the common areas and unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.

February 14, 2022

Acquisitions Georgia Industrial North Carolina Self-Storage South Carolina Southeast

Space Shop Sells Two Self-Storage Portfolios in Georgia, Carolinas for $137M

by Julia Sanders February 11, 2022

ATLANTA — Atlanta-based Space Shop Self Storage has sold two self-storage portfolios for $137 million to Salt Lake City-based Extra Space Storage, a national self-storage REIT. The nine properties are situated across Georgia, South Carolina and North Carolina. The first portfolio sale included five properties such as a 75,000-square-foot facility in Covington, Ga.; three properties throughout Charleston totaling 175,000 square feet; and a 75,000-square-foot facility in Cary, N.C. The first portfolio sold for $55 million, or an average of $183 per square foot. The second portfolio included four facilities in metro Atlanta totaling 300,250 square feet. The facilities are located in downtown Atlanta, the Buckhead district, Chamblee and Cumming. The portfolio traded for $82 million.

February 11, 2022

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