South Carolina

M Peters to Develop Mass Timber Office Building Within Plush Mills Campus in Downtown Greenville

by Alex Tostado May 22, 2020

GREENVILLE, S.C. — M Peters Group will develop a five-story, 73,177-square-foot office building in downtown Greenville. The property will offer 18,823 square feet of ground-level retail space, as well as a rooftop terrace. The developer is using mass timber construction, which marks the first project in South Carolina to do so. M Peters Group expects to deliver the property in 2021. The building will be situated next to the former Plush Mills building, which was originally built in 1925. M Peters Group bought the then-vacant property in 2016 and renovated it before leasing to Venture X, a coworking operator. The architect is Perkins + Will. Shelby Dodson of CBRE is handling leasing efforts on behalf of the owner.

May 22, 2020

Acquisitions Multifamily South Carolina Southeast

Joint Venture Acquires 124-Unit Multifamily Community in Columbia, South Carolina

by Alex Tostado May 15, 2020

COLUMBIA, S.C. — A joint venture between Lexerd Capital Management and LMS Harbison has acquired The Lakes at Harbison, a 124-unit multifamily community in Columbia. The complex, which has been renamed The Lory of Harbison, was originally built in 1980 and sits on nine acres. The property offers one-, two- and three-bedroom floor plans ranging in size from 950 to 1,230 square feet. Communal amenities include a cyber café, pool, fitness center, basketball court, clubhouse, playground and a tennis court. The asset is situated at 100 Fairforest Road, 10 miles northwest of downtown Columbia. Further details of the transaction were not disclosed.

May 15, 2020

Development Office South Carolina Southeast

Frampton Construction Breaks Ground on 50,000 SF Office Redevelopment in Metro Charleston

by Alex Tostado May 14, 2020

MOUNT PLEASANT, S.C. — Frampton Construction has begun demolition and broken ground on The Shelmore, a planned 50,000-square-foot office redevelopment in Mount Pleasant. The site is the former home of a Bi-Lo grocery store. The redevelopment will include adding a lobby with a two-story “jewel box” entry and installing 30 new windows and 10 skylights. The redeveloped property will feature 18-foot ceilings and the potential for a variety of floor plans suitable for both small and large office users. The existing retail surrounding the building will also receive exterior upgrades to match the new façade. The property is located at 774 S. Shelmore Blvd., six miles north of downtown Charleston. The developers are Collett Capital, Lions Gate Capital LLC and WECCO Development. LS3P Associates is the architect. Completion is slated for this fall.

May 14, 2020

Development Industrial South Carolina Southeast

Tindall to Develop $27.9M Industrial Facility in Upstate South Carolina

by Alex Tostado May 1, 2020

SPARTANBURG, S.C. — Tindall Corp. has acquired 41 acres in Spartanburg to develop its $27.9 million utility division manufacturing facility. The locally based company, which provides concrete solutions for the industrial sector across the country, will use the new site to expand its operations and create 20 jobs. The new site is situated at 2877 Fairforest Clevedale Road, less than two miles from Tindall’s existing headquarters. Tindall expects the utility division to open in early 2021. The South Carolina Coordinating Council for Economic Development has awarded Spartanburg County a $100,000 Set-Aside grant for costs related to the project. John Montgomery, Garrett Scott and Brockton Hall of Colliers International represented the seller, a private family fund, in the land transaction. Bobby Lyons of Lyons Industrial Properties represented the buyer.

May 1, 2020

Acquisitions Loans Multifamily ORIX South Carolina Southeast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Georgia South Carolina Southeast

Georgia, South Carolina Governors Reveal Plans to Reopen Select Stores and Restaurants in Phases Beginning This Week

by Alex Tostado April 21, 2020

ATLANTA AND COLUMBIA, S.C. — Georgia Gov. Brian Kemp and South Carolina Gov. Henry McMaster each held press conferences Monday afternoon to announce how their respective states will begin reopening certain aspects of their economies. Kemp said several retail categories in Georgia can begin reopening on Friday, April 24. The types of businesses include gyms, fitness centers, bowling alleys, body art studios, barbers, hair and nail salons, estheticians and massage therapists. Theaters and restaurants can reopen beginning on Monday, April 27. The governor’s mandate states that local ordinances cannot block the reopenings. Kemp issued a Stay-at-Home order for all Georgians that will expire April 30 and a public health emergency that will expire May 13. As of noon Monday, Kemp said there were 18,947 COVID-19 cases in Georgia with 733 deaths. McMaster said some retailers in South Carolina, such as those selling furniture, books, music, flowers, clothing and accessories, as well as department stores, sporting goods stores and flea markets, can begin reopening immediately at 20 percent capacity, or five people per 1,000 square feet. Additionally, South Carolina beaches can reopen today at noon. As of Monday afternoon, South Carolina had 4,377 confirmed cases of COVID-19 with 120 deaths.

April 21, 2020

Acquisitions Multifamily South Carolina Southeast

Capstone Apartment Partners Brokers $37.6M Sale of Multifamily Community in Irmo, South Carolina

by Alex Tostado April 20, 2020

IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.

April 20, 2020

Acquisitions Leasing Activity Retail South Carolina Southeast

Colliers Arranges $13.9M Sale-Leaseback of Walmart in Sumter, South Carolina

by Alex Tostado April 7, 2020

SUMTER, S.C. — Colliers International has arranged the $13.9 million sale of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.

April 7, 2020

Acquisitions Retail South Carolina Southeast

TSCG Negotiates $17.1M Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

NORTH CHARLESTON, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer was an undisclosed, Georgia-based entity affiliated with Olympic Property Management.

April 1, 2020

Development Industrial South Carolina Southeast

Magnus Development Delivers 200,000 SF Industrial Building in Lexington, South Carolina

by Alex Tostado March 30, 2020

LEXINGTON, S.C. — Magnus Development Partners LLC has delivered Midway IV, a speculative 200,000-square-foot industrial building within Lexington County Industrial Park (LCIP). There is currently one tenant in the building, occupying 50,000 square feet. LCIP spans 350 acres nine miles south of downtown Columbia. Magnus broke ground on Midway IV in March 2019. The asset features 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus broke ground on Midway V, also within LCIP, in November.

March 30, 2020

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