RICHLAND, S.C. — Money360 has provided a $3.2 million bridge loan for a retail center in Richland, located roughly eight miles east of Columbia. The two-year, interest-only loan has a loan-to-value ratio of 52 percent. The name of the borrower was not disclosed. Bi-Lo recently vacated the center, and a fitness concept backfilled the space.
CHARLESTON, S.C. — Pollack Shores Real Estate Group has unveiled plans to develop a 231-unit apartment community at 107 Brigade St. in Charleston’s North Morrison (NoMo) neighborhood. The property, which sits on a former steel yard, will include a mix of studio, one- and two-bedroom floor plans. Units will feature nine-foot ceilings, granite countertops, stainless steel appliances, vinyl plank wood flooring and patio French doors that open to private balconies. Community amenities will include a pool with outdoor grilling stations, fitness center, yoga studio and electric vehicle charging stations. Matrix Residential, a subsidiary of Pollack Shores, will manage the property upon completion in July 2019.
SUMMERVILLE, S.C. — HFF has brokered the sale of Newton Way Industrial Center, a 451,370-square-foot distribution and manufacturing facility located in Summervillle, roughly 22 miles from the Port of Charleston. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, Gramercy Property Trust. Bob Barrineau and Brendan Redeyoff of CBRE represented the undisclosed buyer, a user that plans to also occupy the building. Newton Way Industrial Center was constructed in 2007 and features 30-foot clear heights, 37 dock-high loading doors, 22 drive-in doors, parking and storing for up to 100 trailers, 513 parking space and 17,900 square feet of office space. In addition, the property has Foreign Trade Zone status, which provides tenants with the ability to facilitate international mercantile activity if needed.
The Greenville-Spartanburg economy has a long legacy of being fueled by industrial activity. Today, the whole Upstate market continues to experience record levels of growth as it evolves into advanced manufacturing, automotive and distribution related activities. South Carolina is the largest exporter of goods on a per capita basis in the Southeast and has one of the highest densities of foreign direct investment per capita in the United States. The Upstate is the manufacturing center of South Carolina, with approximately 55 percent of the market’s 177 million square feet of industrial space classified as manufacturing. Due to the strong fundamentals of the market, manufacturing is expected to continue to grow. The metro offers manufacturers a pro-business environment, with skilled and affordable labor, a critical mass of industry and a solid transportation infrastructure with access to high population bases. Strategic Location The region is also becoming increasingly crucial to supply chains serving the East Coast and Southeast. The Upstate can reach over 95 million people within a day’s truck drive. With the continued proliferation of e-commerce, the Greenville-Spartanburg market provides an opportunity to mitigate transportation costs by allowing companies to leverage Inland Port Greer, which provides overnight service to and from …
MAULDIN, S.C. — Hughes Investments has unveiled plans for BridgeWay Station, a $100 million mixed-use development in Mauldin, a city in Greenville County. The development will be situated on 40 acres at the intersection of Interstate 385 and Bridges Road, roughly 10 miles south of downtown Greenville. Hughes Investments will build upon the existing 430,000 square feet of neighboring office facilities that house Spectrum, Samsung Electronics America, Jackson Marketing and Greenville Heath System’s Regional Distribution Center. Phase I of BridgeWay Station will total 1 million square feet and include 300,000 square feet of retail, more than 180,000 square feet of Class A office space, 380 multifamily units and a 175-room hotel. In addition, the development will include a community center, 16 acres of green space and pedestrian and bike paths with proposed connectivity to the Swamp Rabbit Trail, a 20.6-mile multi-use greenway system, across I-385. Dawn Prince Hoover of The Shopping Center Group is handling the leasing assignment for BridgeWay Station. Construction on the first phase of the project is expected to be complete in 2020.
GREENVILLE, S.C. — Ziff Properties has acquired Garlington Park in Greenville for $5.2 million. The four-building business park comprises office, flex and warehouse space and totals 119,734 square feet. Land Development Inc. sold the property, and The Whitmire Co. and SVN BlackStream arranged the transaction. The buildings were constructed between 2001 and 2008. Garlington Park is home to tenants such as Grey Eagle Traders, Pompeii Motorsports and Fabrico Inc.
FORT MILL, S.C. — Crescent Communities has sold Lakemont East, a 201,758-square-foot industrial building in Fort Mill, a South Carolina suburb of Charlotte. Hartz Mountain Industries Inc. acquired the newly constructed building for $12.7 million, according to the Charlotte Business Journal. Patrick Gildea of CBRE arranged the transaction on behalf of Crescent. Lakemont East was developed in collaboration with architectural firms Merriman Schmitt and Gensler. The building is located within Crescent’s Lakemont Business Park, an 864-acre, planned industrial development. In December, Crescent unveiled plans to develop a 345,000-square-foot, build-to-suit manufacturing and distribution facility for toolmaker Stanley Black & Decker at the park. The firm expects to wrap up construction on the building in the third quarter.
CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in the hotel, which will include 100 rooms and feature a fitness center, lobby bar and owners’ lounge. HGV and Strand plan to start construction on the hotel in the fourth quarter, with an estimated completion in the second quarter of 2020. In addition to an ownership stake in the project, HGV will market, sell and manage the property under a fee-for-service agreement with the HGV/Strand joint venture.
FLORENCE, S.C. — An 8,500-square-foot Five Below and a 20,000-square-foot HomeGoods will join the tenant mix at PREIT’s Magnolia Mall in Florence. The first-to-region retailers join Burlington, which opened in 2017, backfilling the space formerly occupied by Sears. In addition to these openings, H&M will open later this year, Chick-fil-A is expanding its location to include indoor seating and Texas Roadhouse will lease an outparcel location at the mall. PREIT has also renewed a 10-year lease with Belk, which will undergo a store remodel. Philadelphia-based real estate investment trust PREIT owns and operates more than 22.5 million square feet of retail space located primarily in the eastern United States.
SUMMERVILLE, S.C. — New Jersey-based The Silverman Group will break ground next week on Foreign Trade Zone, a $65 million industrial project located on 400 acres in Summerville, roughly 25 miles from the Port of Charleston. The first building at the development will total 562,544 square feet and will feature 36-foot clear heights, ample dock doors and trailer storage. The park will also include 520,000 square feet of proposed build-to-suit land. The project is slated for completion in the fourth quarter.
