COLUMBIA, S.C. — Trinity Partners has negotiated the $6.8 million sale of 7 Technology Circle, a four-story, 86,733-square-foot office building in northeast Columbia. The property is located off Farrow Road near Interstate 77, about 10 miles northeast of downtown Columbia. Macon Lovelace and Paul Hartley of Trinity Partners represented the seller, Corocan Columbia LLC, in the transaction. Milton Thomas of Lee & Associates represented the buyer, 7 Technology Circle LLC.
GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.
There is a lot of buzz about the dominance of e-commerce and its effects on the industrial market. Columbia has its fair share of retailers with e-commerce distribution facilities as Amazon, The Home Depot and Target all have major distribution centers in the Midlands region of South Carolina. However, retail distribution is not the main driver of this industrial market. The heart and soul of the central South Carolina industrial market is manufacturing. Manufacturing properties make up approximately 35 percent of the 70 million square feet of industrial product in the Columbia metropolitan statistical area. While the balance of space is classified as warehouse/distribution, a large portion of that is used to service manufacturers, pushing the total amount of manufacturing-related space well above 50 percent. Since 2013, the pace of South Carolina’s manufacturing job growth has been four times faster than the national growth rate. This manufacturing renaissance has created demand for Class B multipurpose buildings that have manufacturing infrastructure, such as heavy electric services, cranes, HVAC and support facilities including locker rooms, restrooms, cafeteria and parking to handle larger employee requirements. In the 1970s and 1980s, industrial buildings constructed in central South Carolina were part manufacturing facility and part …
CHARLESTON, S.C. — The Spectrum Cos. has sold Paxton Point Hope, a 274-unit multifamily community in Charleston, for $51.1 million. Paxton Point offers studio through three-bedroom floor plans. Communal amenities include a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and an outdoor grilling area. The Spectrum Cos. delivered the property earlier this summer and it was 35 percent occupied at the time of sale. Capstone Apartment Partners represented the seller in the transaction and procured the buyer, VTT Management.
SPARTANBURG, S.C. — Cushman & Wakefield has arranged the $22.3 million sale of Southern Pines, a 352-unit multifamily community in Spartanburg. Southern Pines was built in 1976 and offers communal amenities such as two swimming pools, a dog park, fitness center and grilling stations. The property is situated four miles north of downtown Spartanburg. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Upstate Property Rentals, in the transaction. SVN | Blackstream represented the buyers, Nakash Family Land Trust and Mendel Fischer. Eastern Union and Bancorp provided the buyers with an undisclosed amount of acquisition financing.
CHARLESTON, S.C. — Madison Capital Group has broken ground on 577 Meeting Street, a 118-unit apartment complex within an Opportunity Zone in downtown Charleston. Madison Capital expects the project to deliver in early 2021. 577 Meeting Street will offer studio and one-bedroom floor plans. Patterson Real Estate Advisory Group arranged construction financing through CIBC Bank USA on behalf of Madison Capital, which is also raising equity for the project through a single-asset Opportunity Zone Fund. This is Madison Capital’s eighth multifamily development in Charleston.
CHARLESTON, S.C. — FCP and High Real Estate Group have sold Plantation Oaks, a 264-unit multifamily community in Charleston, for $36.1 million. New York-based White Eagle Property Group acquired the property. In July 2015, FCP recapitalized the property and became partners with High Real Estate for Plantation Oaks, as well as a property in Charlotte that also sold to White Eagle. Plantation Oaks offers one- and two-bedroom floor plans and communal amenities including a bark park, pet spa, 24-hour health club, residential clubhouse, car care center, boat parking, fitness center and a saltwater swimming pool. Alex Okulski and Anthony Rotunda of Newmark Knight Frank represented the sellers in the transaction.
LAKE WYLIE, S.C. — Cushman & Wakefield has arranged the $57.8 million sale of The Village at Lake Wylie, a 392-unit apartment complex situated about 20 miles southwest of downtown Charlotte in South Carolina. Bucci Development delivered the gated community in 2002 with communal amenities such as a clubhouse with a business center and fitness center, swimming pool with a modern sundeck, outdoor fire pit, grilling patio, lake access, complimentary boat parking, professional-size tennis court, putting green, paved walking trail, playground and a car care center. Jordan McCarley, Tai Cohen and Marc Robinson of Cushman & Wakefield represented Bucci Development in the transaction. Southwood Realty/Triangle Real Estate acquired the property.
GREENVILLE, N.C. — SYNCO Properties Inc. has sold two apartment complexes totaling 645 units in Greenville for $49.5 million. The two properties are The Madison and Southgate. The Madison offers one- and two-bedroom floor plans with communal amenities such as a 24-hour fitness center, swimming pool, clubhouse, pet park and a cyber café. Southgate offers one-, two- and three-bedroom floor plans. Communal amenities at Southgate include a fitness center, clubhouse, swimming pool, pet park and a grilling and picnic area. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the Charlotte-based seller in the transaction. Monarch Investment & Management acquired the properties.
CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.
