South Carolina

CAMDEN, S.C. — Marcus & Millichap has arranged the $11.2 million sale of River Oaks Shopping Center, a 146,790-square-foot retail property in Camden. The property was leased to eight tenants at the time of sale, including Hobby Lobby, Marshall’s, Big Lots and Five Below. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer, Center Acquisition Corp., and the seller, BMS Camden Associates LLC, in the transaction. The property was a former K-Mart box that was redeveloped in fourth-quarter 2019. The asset was 99 percent leased at the time of sale. Taylor said the buyer is a private, out-of-state investor was attracted to the project because of the national tenants, new long-term leases, new construction and attractive interest rates for acquisition financing. River Oaks Shopping Center is situated at 2235 W. Dekalb St., three miles west of downtown Camden and 32 miles northeast of downtown Columbia.

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MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.

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GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.

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BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.

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NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $29.7 million sale of Greenwood at Ashley River, a 280-unit multifamily community in North Charleston. The property offers two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, playground and a sundeck. The community is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The Atlanta-based seller, The RADCO Cos., invested $4.3 million in curb appeal and upgrading amenities. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller in the transaction. Brick Lane, a multifamily investment firm based in Washington, D.C., was the buyer.

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MYRTLE BEACH, S.C. — Ready Capital has closed a $10.2 million refinance loan for a three-property, 1,796-unit self-storage portfolio in Myrtle Beach. The undisclosed borrower will use the funds to pay off existing debt and lease-up the three undisclosed properties. The non-recourse loan comes with a three-year term and offers a floating interest rate with two extension options and flexible prepayment options. Further details of the portfolio were not disclosed.

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DILLON COUNTY, S.C. — Equus Capital Partners Ltd. has broken ground on 95 Inland Port Logistics Center, a speculative 373,100-square-foot industrial building in Dillon County along Interstate 95. The property is situated less than a mile from Inland Port Dillon and about five miles from the North Carolina-South Carolina border. The facility will be constructed using precast concrete panels and feature 32-foot clear heights, energy-efficient LED interior lighting, 7-inch concrete floors, 50- by 50-foot column spacing and an ESFR sprinkler system. 95 Inland Port Logistics Center will be a 410-foot deep, single-side loaded building with a 180-foot deep truck court that will include excess trailer parking separate from the loading docks. The Philadelphia-based developer expects to deliver the warehouse in October. Bob Barrineau and Brendan Redeyoff of CBRE along with Drew Chaplin of Palmetto Commercial Real Estate will handle leasing efforts and target both single- and multi-tenant users. BPG Development Co. LP, Equus’ development operating arm, will oversee development and construction.

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MONCKS CORNER AND GOOSE CREEK, S.C. — Berkadia has arranged the sale of Epson Oaks in Moncks Corner and Churchill Apartments in Goose Creek. South Carolina-based KAH LLC sold the two garden-style properties for a combined $17.8 million to Texas-based Napali Capital. Epson Oaks is located at 2000 Epson Plantation Drive, 35 miles north of downtown Charleston. The 72-unit property offers two- and three-bedroom floor plans. Churchill Apartments, situated at 601 Old State Road about 20 miles north of downtown Charleston, also comprises 72 units offering two- and three-bedroom floor plans. Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. Richard Levine of Berkadia originated a $12.9 million Fannie Mae acquisition loan on behalf of Napali Capital.

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COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. Development costs are estimated at $30 million. A groundbreaking ceremony is scheduled for Tuesday, Feb. 11. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.

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GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

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