South Carolina

Chatham Lodging Trust Purchases Hotel in Metro Charleston for $20.2M

by Camren Skelton November 17, 2017

SUMMERVILLE, S.C. — Chatham Lodging Trust has acquired the 96-room Courtyard by Marriott Charleston Summerville for $20.2 million. The hotel, constructed in 2014, is located within Nexton, a mixed-use community under construction in Summerville, roughly 24 miles northwest of Charleston. Over the next decade, Nexton is projected to include approximately 10,000 homes, 8 million square feet of commercial space and a medical campus. Volvo’s new 2.3 million-square-foot facility will also be located near the development. In addition to the Marriott Charleston Summerville, Chatham Lodging Trust is under contract to acquire an adjacent hotel, the 96-room Residence Inn by Marriott, upon opening in the second quarter of 2018.

November 17, 2017

Retail South Carolina Southeast

Ziff Properties Sells Grocery-Anchored Center in Aiken, South Carolina for $7.1M

by Camren Skelton November 10, 2017

AIKEN, S.C. — Ziff Properties Inc. has sold Kalmia Plaza Shopping Center, a 215,262-square-foot retail center in Aiken, for $7.1 million. The Palomar Group represented Ziff Properties in the transaction. A Florida-based private buyer acquired the asset. Food Lion anchors the center, which was 76.6 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Hibbett Sports, Rose’s Discount Store, Workout Anytime, Citi Trends, Metro PCS, Check N Go, Little Caesars and Waffle House.

November 10, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $11.4M Sale of Apartment Asset Near Charleston

by Camren Skelton November 6, 2017

HANAHAN, S.C. — Berkadia has arranged the $11.4 million sale of Lakewood Lodge, a 130-unit multifamily property in Hanahan, located roughly 15 miles northwest of Charleston. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, South Carolina-based Arim Lakewood LLC. New Jersey-based Eskay Management LLC acquired the asset. Constructed in 1975, Lakewood Lodge offers one- and two-bedroom floor plans. Community amenities include a clubhouse, pool, recreational room, playground, laundry room, courtyard and a business center.

November 6, 2017

Industrial South Carolina Southeast

Monmouth Acquires Industrial Building in North Charleston for $21.9M

by Camren Skelton November 3, 2017

NORTH CHARLESTON, S.C. — Monmouth Real Estate Investment Corp., a New Jersey-based industrial REIT, has acquired a 121,683-square-foot industrial property located at 1892 Anfield Road in North Charleston for $21.9 million. The newly constructed building is net-leased to FedEx Corp. for 15 years. The property is situated on 16.2 acres and is located roughly two miles from the Charleston International Airport and 10 miles from the Port of Charleston. The name of the seller was not disclosed.

November 3, 2017

Multifamily South Carolina Southeast

White Point Breaks Ground on Multifamily Community in Downtown Charleston

by Camren Skelton November 1, 2017

CHARLESTON, S.C. — White Point Partners has broken ground on Huger Street, a 190-unit multifamily development located between King and Meeting streets in downtown Charleston. White Point’s capital advisor, Patterson Real Estate Advisory Group, arranged a construction loan through Worthington Hyde Partners on top of a senior construction loan from Synovus Bank for the development. Huger Street will feature an elevated fitness center, sky deck pool and a café. Construction on the property is expected to take 24 months, with lease-up commencing at the end of 2018.

November 1, 2017

Loans Multifamily South Carolina Southeast

Hunt Mortgage Provides $22.3M Loan for Multifamily Portfolio in Columbia, South Carolina

by Camren Skelton October 30, 2017

COLUMBIA, S.C. — Hunt Mortgage Group has provided $22.3 million in financing for the acquisition of a three-property multifamily portfolio in Columbia. Aline Capital LLC arranged the financing utilizing the Fannie Mae Green Rewards Program. In addition to purchasing the portfolio, the undisclosed borrower will use the funds to invest in energy efficient renovations and improve the apartment unit interiors. The portfolio totals 625 units and includes Park Place Apartments, Copperfield Apartments and Hunter’s Ridge Apartments.

October 30, 2017

Multifamily South Carolina Southeast

Federal Capital Partners Acquires Apartment Community Near Charleston for $16.4M

by Camren Skelton October 26, 2017

SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.

October 26, 2017

Retail South Carolina Southeast

HFF Secures $10.1M Sale of Future Retail Center Site Near Charlotte

by Camren Skelton October 26, 2017

INDIAN LAND, S.C. — HFF has arranged the $10.1 million sale of a retail development site in Indian Land, located 20 miles south of Charlotte, N.C. The 58.5-acre site will be the future home of The Promenade at Carolina Reserve, an open-air retail center. Travis Anderson, Richard Reid, Thomas Kolarczyk and Cory Fowler of HFF represented the seller, Lennar Corp. The Hutton Co. purchased the asset. The Promenade at Carolina Reserve will be home to Burlington, Ulta Beauty, Hobby Lobby, Petco, T.J. Maxx and Rack Room Shoes. The center will also include outparcels for future development.

October 26, 2017

Multifamily South Carolina Southeast

SYNCO Properties Acquires Historic Apartment Building in Downtown Columbia, South Carolina

by Camren Skelton October 23, 2017

COLUMBIA, S.C. — SYNCO Properties has acquired the Tapp’s Building, a six-story apartment building located at 1644 Main St. in downtown Columbia. Capitol Places sold the asset, which is on the National Register of Historic Places, for an undisclosed price. Originally constructed in 1938, the Tapp’s Building was converted from a department store into 42 apartment units ranging in size from 760 to 2,205 square feet. The two lower levels of the building include 23,500 square feet of commercial space, and house the Tapp’s Arts Center. CBRE arranged a Fannie Mae loan to finance the acquisition. The new owners will invest more than $1.5 million in improvements to the property, including new elevators, exterior waterproofing, new common corridor finishes, creation of a rooftop amenity area and upgrades to all 42 unit interiors. SYNCO will continue to lease and manage the property.

October 23, 2017

Industrial South Carolina Southeast

SunCap Sells 230,000 SF Industrial Building in Upstate South Carolina for $18.5M

by Camren Skelton October 13, 2017

MOORE, S.C. — SunCap Property Group has sold Magna Distribution Center, a 229,950-square-foot warehouse and distribution facility in Moore, roughly 30 miles east of Greenville. A private investor purchased the asset from SunCap for $18.5 million. Chris Norvell and Patrick Nally of HFF represented SunCap in the transaction. Constructed this year, Magna Distribution Center is a build-to-suit for Magna Seating of America Inc., an automotive seating manufacturer. The building has an expansion capacity of 50,000 square feet and features 214,500 square feet of production space, 15,500 square feet of office space, LED lighting, 50- by 50-foot column spacing, 32-foot clear heights, 30 dock-high doors, 13 knock-out panels, 20 trailer stalls and 250 parking spaces. Situated within the 882-acre Tyger River Industrial Park North, Magna Distribution Center is in the Route 290 Industrial submarket, roughly 10 miles from the BMW manufacturing plant in Greer.

October 13, 2017

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