South Carolina

SRS Brokers $7.4M Sale of Shops at Gregorie Ferry Landing in Mount Pleasant, South Carolina

by Julia Sanders March 17, 2021

MOUNT PLEASANT, S.C.— SRS Real Estate Partners’ National Net Lease Group has brokered the $7.4 million sale of The Shops at Gregorie Landing, a shopping center located at 2966 Hwy 17 N in Mount Pleasant. Parker Walter, Matthew Mousavi and Patrick Luther of SRS represented the buyer, a private investor from the Northeast who was in a 1031 exchange, in the transaction. Benjy Cooke of Oswald Cooke & Associates represented the seller, an unnamed South Carolina-based developer. The Shops at Gregorie Landing is located approximately 12 miles from Charleston and 11 miles from the South Carolina Aquarium. Completed in 2020, the 11,125-square-foot property is situated on 1.6 acres. The newly constructed three-tenant retail property is fully occupied by Panera Bread, TD Bank and Heartland Dental who have all signed long-term, triple net leases.

March 17, 2021

Acquisitions Multifamily South Carolina Southeast

Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Acquisitions Loans Retail South Carolina Southeast

Aztec Group Secures $10.8M Acquisition Financing for Shopping Center in Chapin, South Carolina

by Julia Sanders March 15, 2021

CHAPIN, S.C. — Aztec Group Inc., a real estate investment and merchant banking firm, has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group secured a 60 percent loan to cost, non-recourse loan, as well as joint venture equity. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres. The property includes a 45,600-square-foot Publix, 13,950 square feet of in-line retail space and a 13,164-square-foot multi-tenant outparcel. The shopping center’s tenants include Anytime Fitness, Marco’s Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike’s, Verizon Wireless and Palmetto Health. Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent.

March 15, 2021

Development Industrial South Carolina Southeast

Frampton Construction Completes 189,500 SF Building at Portside Distribution Center in Metro Charleston

by Julia Sanders March 11, 2021

SUMMERVILLE, S.C. — Frampton Construction Co. LLC has completed a 189,500-square-foot industrial building in Summerville. The Class A speculative facility, developed by Randolph Development, is the first of two heavy industrial buildings that will comprise Portside Distribution Center. Plans on the second building are currently underway, and Randolph expects to break ground later this spring. The new Portside Distribution Center building, located near Interstate 26, is meant for a variety of end users including logistics companies, aerospace and automotive suppliers, defense contractors, light manufacturers and last-mile distributors. With 32-foot clear heights, the facility features structural steel and load-bearing concrete tilt walls. The building is divisible to 28,944 square feet and features 33 dock doors and two drive-in doors. Thomas & Hutton provided site, civil and landscape design for the 31-acre development, while McMillan Pazdan Smith provided architectural design. Colliers International is handling the leasing of the property. Construction was completed in December 2020.

March 11, 2021

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges $49.8M Sale of Two Multifamily Properties in Greenville

by Julia Sanders March 8, 2021

GREENVILLE, S.C. — Berkadia has arranged the $49.8 million sale of The Park at Sorrento and The Park at Toscana, two multifamily properties located in Greenville. Mark Boyce and Blake Coffey of Berkadia completed the transaction on behalf of the seller, an undisclosed entity, and the buyer, Nebraska-based Foundation for Affordable Housing. The Park at Sorrento is located at 660 Halton Road. The 242-unit property features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse and a tennis court. The community is close to the shops and restaurants along Laurens Road and downtown Greenville. The Park at Toscana is a 172-unit property located at 2900 E North St. featuring one-, two- and three-bedroom floor plans with private balconies and air conditioning. Community amenities include a fitness center, a business center, a swimming pool and a TV lounge. The property is close to the Haywood Mall and Interstate 385.

March 8, 2021

Acquisitions Industrial South Carolina Southeast

Avison Young Facilitates Sale of 587,720 SF Industrial Facility in Metro Charleston

by Julia Sanders March 3, 2021

SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston. The industrial facility features LED light fixtures, ESFR sprinkler systems and 36-foot clear heights. The property includes 79 docks (expandable to 111), as well as 151 remote trailer stalls, heavy power and a fenced lot. Erik Foster and Mike Wilson of Avison Young represented the sellers, Clarius Partners LLC and Wanxiang America Real Estate Group, in the transaction. Foster and Wilson also raised development equity on Clarius’ behalf in order to commence the project. The buyer was an institutional real estate venture capital firm, and the sales price was not disclosed. Clarius Partners is a full-service real estate investment and development company with offices in Chicago and Scottsdale, Ariz. Wanxiang America Real Estate Group is a Chicago-based real estate investment firm.

March 3, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston

by Julia Sanders March 1, 2021

CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …

March 1, 2021

Acquisitions Florida Georgia Illinois Indiana Louisiana Michigan Midwest Multifamily North Carolina Ohio South Carolina Southeast Texas Top Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Acquisitions Multifamily Single-Family Rental South Carolina Southeast

Haven Realty Capital Acquires Harrison Landing Townes Community in Simpsonville, South Carolina for $30.6M

by Julia Sanders February 17, 2021

SIMPSONVILLE, S.C. — Haven Realty Capital has acquired Harrison Landing Townes, a 166-unit townhome community in Simpsonville, for $30.6 million. Haven partnered with CenterSquare Investment Management to acquire the property. The homebuilder of the single-family rental community was not disclosed. Harrison Landing Townes is located on an 18-acre site at 106 McGuires Place, 21 miles southeast of downtown Greenville. Each of the two-story, 1,564-square-foot townhomes will feature three-bedrooms, two-and-a-half baths, an attached garage, vinyl plank floors, stainless steel appliances, granite countertops, tile backsplash and nine-foot ceilings on the first floor. Community amenities include a dog park, playground and a walking trail. The remaining homes will be acquired in phases from the homebuilder over the next 15 months. The project is expected to be fully stabilized by June 2022. Haven is acquiring the homes as the phases are being completed. The first phase is almost 100 percent occupied. CenterSquare Investment Management is a global investment manager based outside Philadelphia. Haven Realty Capital is a Los Angeles-based real estate investment and management firm.

February 17, 2021

Company News Office South Carolina Southeast

United Community Bank to Relocate Corporate Headquarters to Greenville

by John Nelson February 4, 2021

GREENVILLE, S.C. — United Community Bank, a retail and commercial bank, plans to relocate its corporate headquarters from Blairsville, Ga., to Greenville and expand operations in the Upstate area. The $24.8 million investment will create 227 new jobs in the Palmetto State. By establishing Greenville as its corporate headquarters, United Community Bank will be the largest bank headquartered in South Carolina. The bank has 160 branches in Florida, Georgia, North Carolina, South Carolina and Tennessee and nearly 290 employees. United Community Bank was founded in 1950 in Blairsville. In 2012, the bank began building its presence in Greenville County and now has three office locations in downtown Greenville apart from its branch network. United Community Bank’s new downtown office will be located at 200 E. Camperdown Way and will house a retail branch. The new office will be located near Falls Park and the Reedy River, as well as the upcoming Camperdown mixed-use development downtown. United’s new headquarters is expected to be completed by 2024.

February 4, 2021

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