South Carolina

Cushman & Wakefield Arranges $22.3M Sale of Multifamily Community in Upstate South Carolina

by Alex Tostado July 22, 2019

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.

July 22, 2019

Development Multifamily South Carolina Southeast

Madison Capital Breaks Ground on Apartment Complex Within Opportunity Zone in Downtown Charleston

by Alex Tostado July 19, 2019

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.

July 19, 2019

Acquisitions Multifamily South Carolina Southeast

FCP, High Real Estate Sell Multifamily Community in Charleston for $36.1M

by Alex Tostado July 19, 2019

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.

July 19, 2019

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $57.8M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado July 16, 2019

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.

July 16, 2019

Acquisitions Multifamily South Carolina Southeast

SYNCO Properties Sells Two Apartment Complexes in North Carolina for $49.5M

by Alex Tostado July 15, 2019

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.

July 15, 2019

Acquisitions Multifamily South Carolina Southeast Student Housing

Preiss, Crow Holdings Capital Acquire 598-Bed Student Housing Complex Near Clemson University

by Alex Tostado July 11, 2019

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.

July 11, 2019

Acquisitions Industrial South Carolina Southeast

JLL Negotiates $35.5M Sale of New Industrial Building in Metro Charleston

by Alex Tostado July 10, 2019

HANAHAN, S.C. — JLL has arranged the $35.5 million sale of a new 313,650-square-foot distribution and light assembly center in Hanahan, a northern suburb of Charleston. Science Applications International Corp. (SAIC), a U.S. government contractor, occupies the entire space on a triple net lease. The center is situated on 23.1 acres at 7413 Magi Road. It was delivered in June and features a minimum 32-foot clear height, ESFR sprinkler system, fully conditioned warehouse and tilt-up concrete construction with a glass-lined facade. Patrick Nally, Chris Norvell and Mike Massardo of JLL represented the seller, a joint venture between North Signal Capital and a fund managed by Westport Capital Partners LLC, in the transaction. San Francisco-based Stockbridge purchased the building.

July 10, 2019

Development Industrial South Carolina Southeast

Agricultural Machinery Company to Invest $6M for New Distribution Facility in Upstate South Carolina

by Alex Tostado July 10, 2019

SIMPSONVILLE, S.C. — Agricultural machinery company Alo will invest $6 million for a new distribution facility in Simpsonville. Alo will create 44 jobs over the next five years at the facility. Alo’s operations will include the distribution of farming equipment manufactured by the company at multiple global locations, steel fabrication of made-to-order mounting kits for the agricultural equipment and assembly of products and hydraulic kits. Distribution will be mainly for the U.S. market. The new facility will be located at 130 Monroe Drive, 15 miles south of Inland Port Greer and 12 miles southeast of downtown Greenville. Alo expects to open the new facility in October.

July 10, 2019

Acquisitions Retail South Carolina Southeast

Big V Acquires 322,428 SF Shopping Center in North Charleston

by Alex Tostado July 1, 2019

NORTH CHARLESTON, S.C. — Big V Property Group has acquired Promenade at Northwoods, a 322,428-square-foot shopping center in North Charleston. Hobby Lobby, Gander Outdoors and Ollie’s Bargain Outlet anchor the center, which was 85 percent leased at the time of sale. Other tenants include Boot Barn, Party City, Crunch Fitness, Moe’s Southwest Grill, Landmark Financial and Once Upon a Child. Promenade at Northwoods is located off Interstate 26, across from Northwoods Mall and 15 miles north of downtown Charleston. The seller and sales price were not disclosed.

July 1, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $35M Sale of Seniors Housing Community Near Columbia

by Alex Tostado July 1, 2019

WILDEWOOD, S.C. — Cushman & Wakefield has arranged the $35 million sale of Wildewood Downs, a 248-unit seniors housing community in Wildewood. Wildewood Downs was developed between 2000 and 2014 and comprises 76 independent living homes, 60 independent living apartments, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility with an 80-bed licensed capacity. The property is located 13 miles north of downtown Columbia on 38 acres. David Kliewer, Paul Carr and Allen McMurtry of Cushman & Wakefield represented the seller, an affiliate of The Hollinger Group, in the transaction. Senior Living Communities (SLC) acquired the asset for $141,129 per unit using debt financing from a publicly traded REIT.

July 1, 2019

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